U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 08-30-2008, 02:39 PM
 
28 posts, read 34,883 times
Reputation: 16

Advertisements

Quote:
Originally Posted by coltank View Post
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?
Quick reply to this message

 
Old 08-30-2008, 02:40 PM
Status: "Apple Pie!" (set 8 days ago)
 
Location: Cary, NC
19,568 posts, read 31,041,557 times
Reputation: 16578
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.

Quick reply to this message
 
Old 08-30-2008, 04:54 PM
 
Location: Apex, NC
171 posts, read 304,775 times
Reputation: 155
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?
Quick reply to this message
 
Old 08-30-2008, 07:15 PM
 
9,075 posts, read 18,649,447 times
Reputation: 8401
Thumbs up The main point!

Quote:
Originally Posted by MikeJaquish View Post
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.
Quick reply to this message
 
Old 08-30-2008, 08:39 PM
 
4,609 posts, read 5,221,186 times
Reputation: 5113
Quote:
Originally Posted by MikeJaquish View Post
A written offer can lead to a binding deal better than any other offer.
Don't ya hate when that happens?


Quick reply to this message
 
Old 08-31-2008, 10:15 AM
 
Location: Raleigh
217 posts, read 250,357 times
Reputation: 92
Quote:
Originally Posted by nc4us View Post
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'.
Quick reply to this message
 
Old 08-31-2008, 10:20 AM
 
Location: Raleigh, NC
10,382 posts, read 17,787,221 times
Reputation: 6145
Quote:
Originally Posted by NedB View Post
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
Quick reply to this message
 
Old 08-31-2008, 11:28 AM
 
192 posts, read 280,884 times
Reputation: 58
Quote:
Originally Posted by VickiR View Post
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.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top