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It is not commonly customary, and is a waste of valuable time in a hot sellers' market, but yes, it is done.
I recently submitted a written offer while I had the listing agent on the phone, but telling him the amount was very helpful in getting his attention, and getting my client a contract among at least 4 offers.
To be taken seriously, more than price is needed to consider an offer. Terms often matter as much as price, and sometimes terms matter more than price.
Verbal offers tend to be focused on price alone.
With a new listing that I know will attract a lot of attention I will call the listing agent alerting them that a written offer is forthcoming and will outline the general terms of the offer. Another offer could be accepted in the time it takes a slow buyer to sign the offer. When representing a buyer I do almost all negotiating after the initial written offer verbally. Expedience often wins the day.
Only written offers can be enforced. See Statue of Frauds.
I will call the listing broker to see what's what with the Seller, and to gauge the "issue(s)" upfront. I often find out what is important to the Sellers. I can then advise the Buyer what terms might win the contract.
Rarely will an experienced Seller's Agent discuss price prior to receiving a written offer. Price is sometimes discussed for counter-offers so as to not waste each others time. I tend to keep some terms and conditions solely in writing--primarily because I don't want to highlight those issues which might be contentious. It's better to have a Seller focused more on price.
I will only do verbal negotiations after receiving an initial offer and if we are in a time crunch. Then we negotiate via email and write up the final counter offer.
Only written offers can be enforced. See Statue of Frauds.
I will call the listing broker to see what's what with the Seller, and to gauge the "issue(s)" upfront. I often find out what is important to the Sellers. I can then advise the Buyer what terms might win the contract.
Statute. but thanks for the info to all.
I just think it's easier and not a waste of time to see where they are at before doing paperwork.
Depends on the agents involved; often there is a lot of communication upfront, other times, I get a mystery offer via email (and those are usually terrible offers because they don't know if they're competing, they don't know what terms my seller wants to see, ect). Most agents will communicate ahead of time that an offer is coming and question the sellers terms.
Having been burned on both sides, and paid the price, I hold to "if it's verbal, it's meaningless". Only when it's in writing is it "real", I've learned to my sorrow.
I'll let the listing agent know there's an offer coming in, but usually not the details because those might change at the last minute, buyers being what they are. If I'm called and told there's an offer coming in, I make sure not to hold my breath until it gets there.
I've only ever first submitted a verbal offer when it was such a stupid low offer I didn't want to waste time writing it. And usually I don't work with those buyers for long.
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