I made a written offer to buy a house through my real estate agent. The seller's agent called my agent and asked to engage in verbal negotiations as opposed to written offers. This has happened on two offers I made. Why would a seller's agent want to negotiate verbally instead of responding with a written counter-offer? What is the real motive here?
2007-08-18 04:58:23 · 11 answers · asked by Shaggy 3 in Business & Finance ➔ Renting & Real Estate
When there is a lot of back and forth between the two parties it can be tedious and lengthy. If the agents know that it's not going to be easy to get an agreement than they may prefer to negotiate verbally, then get it on paper once it's settled.
Personally, I prefer this method of verbal negotiation until we come to a conclusion. But, you must know that if another written offer comes in while you're in verbal negotiations, your verbal offer means nothing if they decide to take the other offer. If you want to have a better chance of not losing this deal I'd get it all in writing.
2007-08-18 06:37:55 · answer #1 · answered by www.shaunramos.com 2 · 0⤊ 0⤋
Every real estate contract has in the fine print, that verbal negotiations for a real estate purchase is non-negotiable...in other words, if it's not in writing, it is not binding.
Find out from your Realtor if your state permits negotiations via e-mail. My state does.
Typically what happens, instead of faxing and sending an entire contract back and forth, only the initial contract is written first...then the negotiations are done via e-mail for price, terms, etc....and when the buyers and sellers have reached an agreement, the buyer's agent will amend the original contract to show the changes, of which the seller's agent will review for accuracy...this is ONLY to put it in contract form.
The e-mail, is still binding and legally considered "delivery".
Check with your agent. Every state is different, however MOST states will allow this process.
However, if you choose to do verbal negotiations, DO NOT take anything to the bank until you have a signed, physical contract in your agent's posession...that means if they are lax in getting the final to you...and you have someone else wanting to make an offer, you had BETTER tell them to send it on through....you can always accept the first one when you get a final contract.
#1 Rule in Real Estate: If it's not in writing, it didn't happen.
2007-08-18 14:16:24 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
The agents know that if there are too many counter offers to the original offer that the transaction will fall through. The seller's agent is not being fair to you or his seller by being verbal. The verbal agreements will not stand up and must be written in the counter. That said they may be trying to work out how to state it so that it is fair to both parties. Be aware that even though your agent has a fiduciary responsibility to you as his client, he also has fiduciary responsibility to the seller. Just make sure both agents disclose what they are doing or you can back out of the contract by stating that your agent is not moral or ethical in the transaction.
2007-08-18 12:23:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
This is a NO-NO in Real Estate!
Verbal negotiations mean absolutely nothing.
The real motive here by the Seller's Agent is to protect his client, because if you begin to engage in such negotiations he can always 'say ' that you agreed to something verbally and will then try to hold you to it. It is just too confusing, and buying a home can be stressful without adding to it.
Just don't do it!
Completely inappropriate!!
2007-08-18 14:29:36 · answer #4 · answered by ROCKY 2 · 1⤊ 1⤋
Probably just to expedite the process. You dicker back and forth verbally and then submit an offer or counter-offer as agreed verbally. In a complex deal this is not unusual practice at all.
2007-08-18 13:05:25 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
without knowing the specific like the asking price your offer etc, my monies would be that your offer and listing offer are very far apart,
Hence the agent knows that the seller is not only going to not take your offer the counter is going to be not even close meaning you are going to have to counter the counter, and they do not want to do this back and forth in writing
2007-08-18 12:40:16 · answer #6 · answered by goz1111 7 · 0⤊ 0⤋
Time! Written offers take a bunch of time and effort. You have to write them, present them, get buyers/sellers signatures, principal broker's have to review and sign, it is a long arduous process. So the real motive is to expedite the process, get a verbal agreeement, then put it in writing. Nothing is binding unless it is in writing.
2007-08-18 13:14:55 · answer #7 · answered by godged 7 · 0⤊ 0⤋
whatever verbal negotiations are going on are not enforceable maybe they are just trying to avoid a lengthy back and forth bunches of counter offers, for the terms of a counter to be enforceable they have to be in writing.
2007-08-18 12:06:24 · answer #8 · answered by newmexicorealestateforms 6 · 2⤊ 0⤋
to feel you out and to get an idea of what you may go up to. ask for 6% seller consessions on top of the offer to save more. it sounds like to seller's agent is trying to feel out your agent they sometomes verbally discuss things to keep form going bakc and forth with paperwork
2007-08-18 12:10:47 · answer #9 · answered by beachlover 2 · 0⤊ 0⤋
Tell your agent you do not wish to engage in any offers/counter offers that are not presented to you in writing since they have NO legal bearing on real estate transactions PERIOD.
2007-08-18 12:36:43 · answer #10 · answered by Anonymous · 1⤊ 1⤋