Specialist · Las Cruces, NM · Member since 2009 · 557 posts · 71 votes
I've been making tons of offers recently. Most have been through e-mail or over the phone. Thing is I haven't received many call backs or counter offers. Makes me wonder if these realtors are even submitting my offers. Which leads me to the point of this topic....
Do verbal and electronic offers have to be submitted to the sellers?
Real Estate Investor · Sacramento, CA · Member since 2008 · 566 posts · 356 votes
17y
No. But chances are they are being mentioned to the seller, even if they are not being considered a real offer.
Read up (or get someone to explain) the legal requirements for an offer to purchase real estate in Texas. Anything that would require the agent to present it as an offer, would have to satisfy these criteria.
I don't like verbal offers but realtors do. It's so much better to get stuff on paper but they're so reticent to offer low they prefer verbals. And hey, isn't it easier?
In our state the disclosure has to be submitted when a contract is submitted so there's another form they don't like to go to the office to get or have the seller fill out.
I think verbals allow them to spread it around to others who might match or exceed the verbal offer. It's happened alot of times to me and I've lost out to the "unknown" person.
Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes
17y
Maybe it's my ignorance, but all the offers I submit (And to the best of my knowledge, required by the governing laws) are in writing and must be accompanied by a copy of the earnest money check.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
17y
The answer will likely vary by state. The real answer may be buried deep in case law.
Most if not all states require:
1) all real estate contracts to be in writing.
2) Agents to submit all offers to the seller.
I would interpret that to mean any written offer even if electronically transmitted to be required to be submitted to the seller. That is an agents fiduciary duty.
However if contracts have to be in writing, does that mean the offer needs to be in writing? I would think it would be part of an agents fiduciary duty to transmit any offer including "verbal" to the seller. If an agent is dismissing offers just because they are verbal is that in the client's best interest?
Involved In Real Estate · Anderson, SC · Member since 2008 · 350 posts · 70 votes
17y
Here is my story about email offers: Guy sent an email said I offer $X, when I replied to the email saying great when do want to write up an offer, he never replied. So the next day I called the phone number that was associated with the business/domain his email came from, and asked to speak to him. He said this is him. Said hey this is Mark, when do you want to write up that offer you emailed me. CLICK. Hung up several times.
And the idiot did it again, about a month later. He must do it so much he cannot remember all the agents he makes bogus offers to. I think it must be some kind of troll like behavior that he finds amusing. And it has happened more than once.
So how can serious buyers stand a chance with idiots like this guy making it hard for an agent to believe an offer that is emailed in is legit?
My state requires an Agency Disclosure Brochure be given to anyone I come into contact with BEFORE we start having substantive discussions about real estate, such as writing up offers/discussing price. So when I get one of these "mystery" offers, I reply with a PDF of this brochure and explain how we must discuss this before going any further. I include my 1-800 number or suggest they give me their number and I will call them. Only one emailed offer has ever called me to discuss agency.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
17y
[quote=Mark Brian Only one emailed offer has ever called me to discuss agency.
I wonder if it is newbies who send out e-mail offers because they are afraid of real contact. It is a way of fooling themselves that they are actually doing something.
Involved In Real Estate · Anderson, SC · Member since 2008 · 350 posts · 70 votes
17y
I always let my sellers know about this verbal or emailed offers but explain how/ where they come from. And yesterday I confirmed this with the instructor at a state required CE class for agents in my state. We are to submit all offers, even if it is sent by carrier pigeon.
If you a serious buyer, you will include all your contact info when making email offers.