Posted by Brent_IL on December 03, 2003 at 13:23:00:
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I never gave written offers? Why? - Posted by Dave
Posted by Dave on December 03, 2003 at 12:31:39:
I am in Michigan I have made several offers for properties and they were accepted. I never had to give a written offers. The way everybody teach in Real estate there is nothing like verbal offers. I know it is not a binding agrrement by seller. Once I asked an agent he told me there is no way you can put verbal offers.
Can someone tell me why everyone not try this method.?
Nice day to you.
Re: I never gave written offers? Why? - Posted by Brandon
Posted by Brandon on December 03, 2003 at 15:53:24:
The way I learned it in Business Law, verbal contracts are enforcable EXCEPT when it involves real estate. Why wouldn’t you want to cover yourself by having something in writing? Many experts recommend making the offers in the form of a casual form letter (is that an oxymoron or what? CASUAL and FORM LETTER…) offering two or three choices so that the seller is more likely to choice at least one.
Just my take…
Re: I never gave written offers? Why? - Posted by Brent_IL
Posted by Brent_IL on December 03, 2003 at 13:21:36:
You can make verbal offers all day long, but under the statute of frauds none of them can be enforced. They lack tangibility. Few sellers will consider a verbal offer because it isn?t real. How do you put down earnest money with a verbal offer? How are prorations handled? Would you assign a verbal contract?
The agent would also have a harder time collecting the agency commission.
Most sellers will ignore a letter-of-intent for the same reasons.
That said, in parts of the east coast with which I?m familiar, mostly Pennsylvania and New York, the buyer and seller and their agents will kick around an offer until they come to a mutual understanding. Then they get the lawyers involved by ?Going to contract.?
Re: I never gave written offers? Why? - Posted by Brent_IL
Posted by Brent_IL on December 03, 2003 at 13:15:51:
You can make verbal offers all day long, but under the statute of frauds none of them can be enforced. They lack tangibility. Few sellers will consider a verbal offer because it isn?t real. How do you put down earnest money with a verbal offer? How are prorations handled? Would you assign a verbal contract?
The agent would also have a harder time collecting the agency commission.
Most sellers will ignore a letter-of-intent for the same reasons.
That said, in parts of the east coast with which I?m familiar, mostly Pennsylvania and New York, the buyer and seller and their agents will kick around an offer until they come to a mutual understanding. Then they get the lawyers involved by ?Going to contract.?