how committed are these sellers? (agents, commission, contract, listing)

[CAugust]

what is your take on this?

home for sale - we go see it, man comes out, crabby - tells my people he doesnt like his agent and then goes on to say he is going for a walk and his wife will show the home, but to remember...he is the one who finalizes the deal, his wife has nothing to do with it....

that was a few weeks ago

two days ago we put in an offer...verbal....agent doesnt call me back, yesterday i follow up with her, finally at 8:15 calls me with a counter, it includes the counter price, my lowering my commission and a clause that the sellers can rent the property up to 30 days after closing....

ok, i go back to my buyers - they counter the offer, but say that they would have to be out by the middle of august, as school starts in september and they have to be moved in and the kids ready for the new school - i call her back (all this happened within 10 minutes) she doesnt call me back last night.

today i follow up with her - - - she said they both work and are hard to get a hold of...so I ask her, just how committed are these people in selling thier home? Her answer....

THEY ARE GETTING MORE COMMITTED

what the heck does that mean?????? The other stinker here is that I already sold the buyers home (yes they have somewhere to stay in between) and they want THIS home - period. If I don't hear back today, my advice would be to put it on paper with an expiration date on it - but if the sellers ignore it, then they are out of luck and THIS is the home THEY want.

The other thing I am wondering is if they are hoping that my clients will call the selling agent directly, so that the sellers won't have to pay the commission for two agents - what do you think??????????

[TexasHorseLady]

The seller's agent is likely wondering just how committed your buyers are, if you haven't presented her an offer in writing already. Or is it standard in your neck of the woods to do all the negotiations before anything is in writing?

Here, an offer isn't an offer until you've got the paperwork signed by the buyers (and with a pre-approval letter) in your hot little hands. Perhaps that's the issue?

[Silverfall]

Why are you doing a verbal offer??

It doesn't matter if your clients talk with the sellers, the seller is unable to go behind your backs unless the listing agent is a doofus and doesn't have a clause about that.

And I would not agree to lower my commission by one iota. That is not part of a purchase and sale agreement, and the fact is you are off to a rough start. You are going to be earning every penny with the extra hours you are going to have to put in to get this contract to the table.

If your clients want this house, they just need to know that the process will be especially painful. I have had situations with bad sellers/listing agent combo and I just tell the buyers that this will be more stressful than normal so prepare themselves. If they don't want the extra stress then they have to move on. I just closed on a house like that for my buyers in February. PAINFUL...

It's the buyer's choice, just prepare them.

[loves2read]

if it is not in writing it is not a contract here either--
until you get something in writing you don't have anything to hold on to---

[CAugust]

Verbals are pretty standard here and once an offer is accepted the contract will be delivered within hours, also to make matters more of a pita, this guy didnt want his home listed through the mls, that being said, I have no lead based paint rider filled out along with no property disclosure to access - although that being said, I just called my buyers and told them, I have no idea how to read the statement that they are getting more committed? actually the potential buyer "just" told me on the phone that the seller said to him in the driveway - I am in no hurry to sell anyway...... so this was my advice to him....

If we do not hear from them tonight, we put it in writing with an expiration date, we sign it tomorrow and I drop it off - I know you want this house, however without an expiration date, he can string you along forever....so go home and talk to your wife and let's see what happens this evening......and start looking at other homes asap

[Silverfall]

Originally Posted by CAugust

actually the potential buyer "just" told me on the phone that the seller said to him in the driveway - I am in no hurry to sell anyway......

ie...I won't fix anything even if the lender requires it, and I will make you cry by the time this is done...

You sound like you gave them some sound advice.

[DMenscha]

I'd like to echo the get it in writing advice. Verbal counters are even somewhat suspect, but a bit more likely to occur. In my office, you would be sitting across from me at my desk explaining in great detail why the offer wasn't on paper. Given the complexity of a real estate transaction and the verbiage that exists in the contract, I'd wonder how it's possible to verbally go through the varieties of options (who pays for title, escrow, inspections and the timing of each for example). I have read offers to sellers over the phone when they were not available to receive a copy of the document if they were so inclined, but I've never considered a deal complete until signatures were obtained all the way around.

Perhaps your seller comes from a place where the custom is to put offers in writing.

Good luck to you in any case my friend

[dlh891]

I would have a sit down with everyone involved and see if you can get to an agreement. I hate filling out paperwork and crazy addendums and going back and forth all the time. I'd rather not waste my time or anyone else's. If there is a serious buyer and serious seller, I have found this is the best way.

Dawn

[CAugust]

Originally Posted by dlh891

I would have a sit down with everyone involved and see if you can get to an agreement. I hate filling out paperwork and crazy addendums and going back and forth all the time. I'd rather not waste my time or anyone else's. If there is a serious buyer and serious seller, I have found this is the best way.

Dawn

that's why we do verbals and get the paperwork done pronto - however we usually do not sit down - agent handles each end....and with the price of gas running back and forth would be crazier than it already is, but if we do not hear anything today, we will put it down with an expiration date.......but i also need the property disclosure like i said before i am going to write any contract up.

[Gretchen B]

Originally Posted by DMenscha

I'd like to echo the get it in writing advice. Verbal counters are even somewhat suspect, but a bit more likely to occur. In my office, you would be sitting across from me at my desk explaining in great detail why the offer wasn't on paper. Given the complexity of a real estate transaction and the verbiage that exists in the contract, I'd wonder how it's possible to verbally go through the varieties of options (who pays for title, escrow, inspections and the timing of each for example). I have read offers to sellers over the phone when they were not available to receive a copy of the document if they were so inclined, but I've never considered a deal complete until signatures were obtained all the way around.

Perhaps your seller comes from a place where the custom is to put offers in writing.

Good luck to you in any case my friend

I have to agree on the "put it in writing" advice offered. Sometimes it's good to "talk" to the other agent at the outset so you can get a feel for what the seller might be willing to take. Beyond that, though, I think an offer in writing is always best. Talk is cheap, but when a seller in a slow market is looking at a solid $ figure in writing, sometimes he's much less apt to counter. When you're doing everything verbally there's nothing to lose by a verbal counter that's on the high side. If I'm representing the buyers in a deal I definitely think putting something in writing will get them the best price.

Just a side note. Mr. Seller's comment about "not being in a hurry to sell" might be a rouse to get the buyer to offer more, thinnking that the seller really isn't motivated. Which the seller was successful at conveying that. (Of course he may truly not be motivated in which case your buyers will be paying the price if this is THE one and only house for them. Not only with the initial price but also on repairs, etc.) That's too bad, because having a house in mind for a 2nd choice is always a good negotiating tool.