Hi folks. Don’t you just hate dislike verbal offers? Next time you have a REALTOR(R) wanting to present a verbal offer, why not try this? OK, a REALTOR(R) calls me up with a verbal offer from his Buyer for 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 and wants to make a verbal offer so we don’t waste our time.”
“I’m sorry my Seller will not negotiate verbally. It’s in my listing agreement that all offers to purchase must be in writing and presented with a pre-qualification 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 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.
My goal is to get offers on my listings so my Sellers can have the opportunity to negotiate and hopefully 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(R) is not doing his job. So, telling this REALTOR(R) 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(R) the following questions.
- 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(R)’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. I am sure agents lose many deals by not understanding this.
So next time before you blow off the other REALTOR(R) and possibly lose a good Buyer, pull out that contract and fill in the blanks. Who knows…..maybe your Seller will get their property sold. What say you?
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