Put It In Writing
Each market in the real estate cycle has its own nuances. The current market is full of negotiations. It’s like watching a ping pong match between buyers and sellers. Each side trying to get the most out of their play. Because of the increase in negotiations many consumers are asking their REALTOR(R) to present verbal offers. Consumers and REALTORS(R) don’t want to waste their time writing an offer that will surely be rejected. Some buyers and sellers desire to have everything hashed out before committing to anything on paper. But this could be setting yourself up for failure and frustration. Now, the Code of Ethics requires REALTORS(R) to present all offers. This includes verbal offers, low ball offers, and offers delivered after a contract has already been accepted. However, verbal offers and negotiations mean nothing. It is important for consumers to realize that real estate in Virginia is not conducted over a hand shake. The only real estate agreements that are enforceable in Virginia are agreements in writing. I’ve seen this happen time and time again. A buyer and seller are negotiating price. They finally agree, verbally, through their REALTORS(R) on a sales price, then a written offer comes in that beats the verbal agreement and the seller ratifies the written offer. Inevitably, the buyer who thought they had a verbal agreement gets angry at the seller and both REALTORS(R). Or, after verbally negotiating with a seller, the buyer finds a home they like better and abandons the home they are verbally negotiating and write an offer on the better home. It’s a vicious cycle and one that is easily avoidable. Our shortest Offer to Purchase Real Estate in the Northern Virginia area is roughly 22 pages. This is minus short sale paperwork or foreclosure paperwork. As time consuming as writing these offers can be, it is time well spent.
