I’ve read a couple of posts lately on verbal offers. Instead of rejecting them why not try this? Ok, a Realtor calls me up with a verbal offer from his Buyer on one of my listings. It goes something like this:
“Hi Broker Bryant I have an offer for your listing. My Buyer is only in town for a few hours so is making a verbal offer so we don’t waste our time.”
“Oh, I’m sorry my Seller will not negotiate verbally. It’s in my listing agreement, all offers to purchase must be in writing and presented with a prequalification letter prior to negotiating. So why don’t you swing by your office write up the offer and send it over to me. If your Buyer is serious, then maybe we can get a deal negotiated because my Sellers do want to sell.”
“My Buyer is serious but we really don’t have time to go through all that.”
This is where I jump out of my box.
Ok, now my goal, is to get offers on my listings, so my Sellers can have the opportunity to negotiate and hopefully be able to sell their house. After all, it is their house and it is not my place to blow a Buyer out of the water just because his Realtor is incompetent. So, telling this Realtor to forget it, is not an option. If the Buyer is truly interested, I could be harming my Sellers, by not at least hearing what the offer is. So this is what you can do. Pull out a blank purchase offer. Then ask the Realtor the following questions.
Ok, what's the Buyers name?
How much does he want to offer?
How much deposit is he offering?
How much is he putting down?
When can he close?
Now that’s 5 simple questions (in a couple of minutes) and while I’m asking them I have written the answers in the appropriate blanks on the purchase contract. Next I say:
“Listen, I have already completed a purchase offer for your buyer and I am faxing it over to your office. Now if your Buyer is truly serious then swing by, have him sign the offer and fax it back over to me, with the pre-qualification letter and I will present it to my Seller. Is that easy enough for you?”
I know, I know, Broker Bryant why are you doing this Realtor’s job? Why are you wasting your time with this nonsense?
To answer the first question, my Sellers have hired me to sell their property and they are paying me handsomely for doing this. So this may not be my responsibility but it is definitely my job.
To answer the second question, why not? I never discount any offers with at least trying to negotiate. You just never know. I have had many “low ball” offers turn into pending contracts. My job is to present the offer to my Sellers and let them decide how to proceed. Also, I repeat my earlier statement, “I will not hold a Buyer responsible for his Realtor’s incompetence.” The Realtor is not the one buying the house. I am sure Realtors lose many deals by not understanding this.
So next time before you blow off the other Realtor and possibly lose a good Buyer, pull out that contract and fill in the blanks. Who knows?….Get out of the box…….your next commission may be out there!