Will your Seller take "X"?
October 29, 2008
Listing agents, representing Sellers, have been getting emails and phone calls from agents representing prospective Buyers. The conversation goes something like this:
"Hi, I'm representing a Buyer who looked at your listing. My Buyer is interested in making and offer. Is the property still available? Have you had any offers?"
Seller's agent: "No, but there have been quite a few showings recently."
Buyer's agent: " My Buyer wants me to ask if your Seller will take "X". ("X" is considerably under the listing price.)
Seller's agent: Just write it up and I will present it."
Buyer's agent: My Buyer wants to know if the Seller will take"X". Will the Seller?
Seller's agent: "Write it up and we will find out. All I know is that I have a serious Seller who ants to sell his property. Write up your Buyer's offer and we will see whether the Seller will accept it. Obvious "X" is much lower than the listed price.
Buyer's agent: I'll talk to my Buyer."
First: Real Estate in California is sold when the Buyer and Seller agree to the same terms and price in a written contract. There are a great many clauses in the C.A.R. Residential Purchase Agreement than just a price.
Secondly: To be a valid offer and contract it must be in writing.
Thirdly, A Seller's agent is duty bound to represent the Seller and that includes representing the price in the Listing Contract.
So why these phone or e mail proposals (At least e mail is in writing though just asking about a price does not present a true picture of what a Buyer ants in a contract.)
Two reasons for the verbal proposals: The agent does not want to "waste his/her time writing a contract that has no hope of success. (Somewhat understandable, but not very businesslike.)
The second reason is that the Buyer does not want to put the offer in writing for fear that the Seller might actually accept the offer and he could offer less. Perhaps it was just the Buyer's agent wanting to prove that the agent is indeed working for the Buyer.
In any event, if you are a Buyer or a Buyer's agent reading this post, put your offer - no matter how low it is- on paper with all the terms and conditions that that are necessary to complete a purchase.
Listing agents, representing Sellers, have been getting emails and phone calls from agents representing prospective Buyers. The conversation goes something like this:
"Hi, I'm representing a Buyer who looked at your listing. My Buyer is interested in making and offer. Is the property still available? Have you had any offers?"
Seller's agent: "No, but there have been quite a few showings recently."
Buyer's agent: " My Buyer wants me to ask if your Seller will take "X". ("X" is considerably under the listing price.)
Seller's agent: Just write it up and I will present it."
Buyer's agent: My Buyer wants to know if the Seller will take"X". Will the Seller?
Seller's agent: "Write it up and we will find out. All I know is that I have a serious Seller who ants to sell his property. Write up your Buyer's offer and we will see whether the Seller will accept it. Obvious "X" is much lower than the listed price.
Buyer's agent: I'll talk to my Buyer."
First: Real Estate in California is sold when the Buyer and Seller agree to the same terms and price in a written contract. There are a great many clauses in the C.A.R. Residential Purchase Agreement than just a price.
Secondly: To be a valid offer and contract it must be in writing.
Thirdly, A Seller's agent is duty bound to represent the Seller and that includes representing the price in the Listing Contract.
So why these phone or e mail proposals (At least e mail is in writing though just asking about a price does not present a true picture of what a Buyer ants in a contract.)
Two reasons for the verbal proposals: The agent does not want to "waste his/her time writing a contract that has no hope of success. (Somewhat understandable, but not very businesslike.)
The second reason is that the Buyer does not want to put the offer in writing for fear that the Seller might actually accept the offer and he could offer less. Perhaps it was just the Buyer's agent wanting to prove that the agent is indeed working for the Buyer.
In any event, if you are a Buyer or a Buyer's agent reading this post, put your offer - no matter how low it is- on paper with all the terms and conditions that that are necessary to complete a purchase.
posted by shirley harry at 7:49 AM
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