making offers in writing

[windtimber]

There's a little thing called the "Statue of Frauds" that arises in some form or another in every jurisdiction. Almost - stressing almost - everywhere real estate contracts have to be written to be enforceable. "Written," however, takes various forms. The earlier poster who said a contract can arise from notes on a napkin is correct. Get competent legal counsel and follow his or her advice.

[TexasHorseLady]

I agree, check with a local real estate attorney, however, from your original post it looks like the bank hasn't signed anything and a contract isn't a contract until both parties have agreed to it. (Even a napkin, I'd think, would need the agreement of both parties to be considered a legally binding contract, otherwise anyone could write anything they wanted on a napkin and bind someone else who didn't even know the writing was going on to whatever they wanted.)

[windtimber]

Originally Posted by TexasHorseLady

...Even a napkin, I'd think, would need the agreement of both parties to be considered a legally binding contract, otherwise anyone could write anything they wanted on a napkin and bind someone else who didn't even know the writing was going on to whatever they wanted.

A notable exception to the Statute of Frauds is the use of a memorandum - i.e. on a napkin - memorializing the terms of the agreement. The key is "agreement." You are correct, there is not a contract unless there is a "meeting of the minds" and an agreement.

[eric#1]

You can rescind an offer if all terms are not agreed on, but contemplating this for too long could leave you in a binding agreement with the written offer (in the next five minutes a signed copy could be faxed to you/agent)- also the so-called accepted verbal offer could be a pie in the sky trying to draw you in while the actual terms may not be what you think as a verbal offer does not bring all the facets/terms found in most written offers not to mention that as you just changed your mind as a buyer, a seller could do the same - especially on a verbal offer. It ain't _hit if it ain't writ. Talk to your agent/lawyer/ asap as time is of the essence.