Bidding on multiple homes

[nc4us]

Originally Posted by coltank

And there you have it! I think it may have been said in this thread at least once previously, but verbal offers amount to a hill of beans. There's really nothing wrong with them, but they may not ever get you anywhere. Besides, unless I think a buyer is serious, I may not want to reveal if I am willing to go any lower, just in case I get a serious buyer who is willing to pay more.

So if it's a hill of beans why all the emotion?

[MikeJaquish]

Buyers agents should act on behalf of their buyers.

What seller would be offended by someone making a written offer? If they don't like it they do not have to counter. I'd think that most sellers would want to see and hear all offers made. A written offer can lead to a binding deal better than any other offer.

[NedB]

So if verbal offers are perfectly legitimate and enforcable and you go around making verbal offers on multiple homes; what happens if more than one seller accepts your verbal offer?

[North_Raleigh_Guy]

Originally Posted by MikeJaquish

A written offer can lead to a binding deal better than any other offer.

Good Point. It is a simple point, but the most important to be found in the 22 pages of posts in this thread.

[autumngal]

Originally Posted by MikeJaquish

A written offer can lead to a binding deal better than any other offer.

Don't ya hate when that happens?

[RickAbdella]

Originally Posted by nc4us

Excellent advice, just so happens that is exactly what I did. I consulted an attorney who assured me making verbal offers are perfectly acceptable and 100% legit.

The attorney recommended the agent they used and who is now acting as my buyer's agent.

What does "100% legit" mean? I am not an attorney but it is a fact in North Carolina a verbal real estate offer is 100% non-enforceable. I again refer you to the North Carolina Real Estate Commission.

www.ncrec.state.nc.us/pdf/brochures/OfferandAcceptance.htm

"Q: Does my offer to purchase have to be in writing?
A: To be enforceable, real estate sales contracts in North Carolina must be in writing. Since only written offers may become binding contracts, your offer should be in writing and signed."

It is 100% impossible for a verbal offer to become a binding contract. Only written offers can become binding contracts. You might have heard the saying 'you are entitled to your own opinion, but you are not entitled to your own facts'.

[VickiR]

Originally Posted by NedB

So if verbal offers are perfectly legitimate and enforcable and you go around making verbal offers on multiple homes; what happens if more than one seller accepts your verbal offer?

Verbal offers are NOT enforcable.

I can see a buyer's agent calling listing agents on the phone and making a verbal offer. Being a buyer's agent for some of my clients and a listing agent for other clients, I see both sides to each story.

As a buyer's agent...I want to make it clear to my buyer that a seller may not see this as a real offer. However, make the offer, don't spend a lot of time on it and expect NOTHING until it is in writing.

As a seller's agent...I'd make the offer to my seller...explaining the pros and cons of it and let them decide for themselves what they'd like to do about a verbal offer.

However...before I'd stop showings on this listing, I'd have a FULLY SIGNED WRITTEN CONTRACT BY BUYERS AND SELLERS!

Until it is in writing...it ain't nothing!

Vicki

[duhrambull]

Originally Posted by VickiR

Verbal offers are NOT enforcable.

I can see a buyer's agent calling listing agents on the phone and making a verbal offer. Being a buyer's agent for some of my clients and a listing agent for other clients, I see both sides to each story.

As a buyer's agent...I want to make it clear to my buyer that a seller may not see this as a real offer. However, make the offer, don't spend a lot of time on it and expect NOTHING until it is in writing.

As a seller's agent...I'd make the offer to my seller...explaining the pros and cons of it and let them decide for themselves what they'd like to do about a verbal offer.

However...before I'd stop showings on this listing, I'd have a FULLY SIGNED WRITTEN CONTRACT BY BUYERS AND SELLERS!

Until it is in writing...it ain't nothing!

Vicki

well said.
that is the right attitude buyer, seller and agent should have toward a verbal offer.