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A verbal offer isn't worth the paper it's written on



Verbal offers serve one purpose; to "save time" for "professionals" who get paid well to not cut corners.


There's only one way to avoid misunderstanding when negotiating to buy or sell a home. That is to have the complete details in front of you.


With modern tools, it's never been easier to write, execute and deliver an offer.


If you're buying or selling a home, insist that every detail of the negotiation is in writing.




Transcript


Over 27 years in the business, I've literally been involved in hundreds of negotiations and they often unfold the same way.


The buyer's agent writes an offer and brings it to the seller's agent who presents it to the seller, who writes a counter-offer and returns that to the buyer's agent.


And the buyer wants to try another number, and rather than write a new offer, their agent suggests that "well, I'll just call the seller's agent, and I'll discuss it with them."


And usually, they're looking for a concession in the range of a couple of thousand dollars to bring the deal together. But they haven't taken the time to actually write another offer, and my response to them is always the same. I'd be happy to present that to my seller if you would bring me another offer.


And oftentimes that buyer's agent calls back after a half an hour or an hour and says "it's okay, my buyer decided to accept the counter-offer." And my perception of what's happened here is that somebody just doesn't want to take the time to write another offer, and they convince the buyer to close on that counter.


If you're involved in a negotiation, do not fall for the verbal "let's discuss this" position. Insist that your proposal be put on paper, or on an electronic document as the case may be today.


As the old saying goes, a verbal offer is not worth the paper that it's written on. And that's why the Real Estate Act, one of the definitions of an offer is that it is made in writing.


So insist that your agent put that offer in writing so that you know that it's being presented and considered by the seller.


Good luck.


________________________________


I'm upping my Facebook and Instagram game. Follow me to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.


TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.


I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com


Norm Fisher

Royal LePage Vidorra

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Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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