The Verbal Offer

Verbal offers (and why they don’t work).

The only good thing about a verbal offer is that you know the buyer is somewhat interested.

Every once in a while, I meet a buyer who only wants to negotiate verbally. “Let me know if they would accept my price and then we can see”.  They are usually somewhat interested in the property only at a set price.

Here are a few reasons why verbals don’t work:

1. While your verbal offer is being thought about, another buyer could be writing an offer and submitting it, in which case if you really wanted the property, you lost time and another buyer swooped right in, and now you lost the property. Put it in writing. 

2. The seller changes his mind. Example: the buyer asks verbally for the seller to agree on a price. It’s not in writing. Three days later, the buyer submits his offer. The seller has now changed his mind for a multitude of reasons, like more visits on the property, or he simply changed his mind. Put it in writing. 

3. The buyer changes his mind. Example: The buyer asks for the seller to agree verbally to a price. It’s all agreed upon and then the buyer changes his mind for whichever reason. Reasons I’ve heard… well if he accepted, let me try and lower the price a bit more. 

 Put it in writing.

Verbal offers rarely work. If you like a property, put an offer on it before someone else does. Verbal offers are not seen as serious and are usually ignored. If you’re not sure, then you’re just not ready to buy. 

—Monique Assouline is a luxury real estate broker in Montreal since 2005. Luxury is an experience and not necessarily a price point. She can be reached at: monique@moniqueassouline.com