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A verbal agreement can be binding - but it's very difficult to enforce. Verbal agreements usally end up in a he said vs. she said thing.
It's fairly common for a listing agent to relay a message to the selling agent to the effect of; "the sellers are going to accept your [written] offer and I'll have the signed paperwork to you this evening." In such a case the agent and the sellers are all extending their good word that, in fact they are being honest. It's a matter of honor to fail to follow through is a reputation killer.
The reputation most at risk is the agents since the agent will continue to engage in business and interact with other agents. Typically, sellers don't have another transaction(s) for several years. (5-7 years is the national average)
If I'm working with a seller who I even suspect may flip flop - I would never forward any type of verbal acceptance to the other agent.
It may depend on your state laws. In AZ, verbal is not binding. All real estate purchase contracts must be in writing. However, as MMichelle said, it is common for agents to discuss offers verbally during negotiations to expedite the discussions. But when the final agreement is made, it must be put in writing and signed by all parties.
Well I am the seller. I am selling a property (under 5,000) myself. Saturday I had an offer. The guy was at our property (I'm out of the area) and I told him I'd call back in a bit. Hubby and I were having a yard sale. So we discussed it as best we could and decided fine lets do it. So the prospective buyer and I say prospective because I just had a "buyer" last week who told me they for sure wanted the property and would get the information to me the following day so we could start paperwork bail. They vanished and didn't answer my email or phone call. Anyway I had written other interested parties and told them blah blah I'm pretty sure the property is sold and so forth. Then I had to write everyone back and tell them it wasn't sold after all.
Anyway I told the prospective buyer I would take payments but now I have an offer of cash from another possible buyer which would benefit our financial situation much more than small payments.
I'm just having a crisis of conscience and even though It would take a huge burden off us, I feel guilty if I don't wait it out to see if he follows through on the purchase before I entertain other offers. But then he was also supposed to email me Saturday evening so we could work out details and and start the contract but he wrote Saturday instead to say he'd email with details today. I'm not waiting like I did with the last person who said they for sure were buying and vanished is another issue. I need this sold already.
Take the cash offer. While I admire your ethical consideration of your loyalty to the first offer, they have not returned calls. You can not be expected to wait for them and risk losing the cash offer. Good luck
Ok but the property is in Missouri. I went ahead and am allowing a couple people to go look at it in case it falls through like last time a "buyer" said they wanted it for sure.
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