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Are Oral Offers Okay?
Question: Is it okay to make an oral offer?
Answer: Sellers and brokers will want all offers in writing. Here's why. Suppose a seller has a home for sale at $250,000. The buyer asks if the owner will accept $225,000. If the owner says "yes" he or she has lost $25,000 and the bargaining process has not begun in earnest. The buyer might then submit a written offer for $210,000. Why not? After all, the buyer has no commitment to pay $225,000 because there is no written offer, merely a question. If owner's the answer is "I'll be happy to consider a written offer," the seller has lost nothing. In effect, an owner has no reason to respond to a buyer's oral "offer." Not being in writing, it is not enforceable.
© 1997 Peter G. Miller. All Rights Reserved.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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