Sellers respond better to actions than words.
Recently I have had lots of calls on my listings from agents representing buyers interested in knowing if we get any offers. I have even had my own buyers tell me to let them know if we get an offer on a home that they are interested in.
I want to remind everyone of a rule that applies to many things in life, ACTIONS SPEAK LOUDER THAN WORDS.
Real Estate is a contract type of business. Real Estate negotiations are similar to a chess game. Each player takes their turn and makes a completed move before the other continues. The game doesn’t really begin until someone writes a contract.
Asking a listing agent or even your buyer’s agent to let you know if the home gets any offers is a bad plan. This will most likely result in a higher price for you the buyer and could potentially cost a seller a real buyer.
If an agent calls me to see if we have any offers on a property I will respond with an honest answer of the status. Once I have a buyer present a reasonable offer I will likely try to close that deal with the buyer that means business. I don’t think it is always in the sellers best interest to shop the offer and risk loosing the buyer that we have by trying to bring additional buyers that were not motivated enough to write an offer without the presence of a competing offer.
Are there exceptions? Absolutely! If the offer that is presented is low or unreasonable to the seller, then I will definitely try to persuade some competitive offers.
In closing, I would recommend writing an offer on a property that fits your needs and price range while there are no competing offers. I would also recommend writing an offer that reflects a price and terms that are near what you are willing to pay. Putting in low-ball offers will often result in additional competing offers and less opportunity to actually purchase the home.
I will often ask a buyer “ Do you want to write an offer, or buy a home?”
Steve Hirschler (909) 725-5889
I hate verbal offers. Not to sound harsh but if someone is a legitimate buyer and not just a tire kicker, then they should be willing to put their offer on paper and make it legal. In my state, verbal contracts are unenforceable.
Are verbal offers enforceable in your state?
Verbal Offers are not enforceable in our state. Thanks for your comment, and I feel the same. If you are serious about buying the property, give the seller something that they can accept in writing.