Verbal vs Written Offers in Real Estate

I hope you’re having a great week so far! I wanted to take a moment to chat about something that often comes up in the home-buying process: the difference between verbal and written offers.

Recently, we received a verbal offer on one of our listings. When I suggested the other agent write it up, they expressed hesitation, thinking it wasn’t worth their time (not worth their time? Puuulleeez! It's your job!) This got me thinking about how crucial it is to understand the role of written offers.

Here’s why written offers are so important:

1. Legitimacy Matters

A verbal offer is essentially just a conversation. It can’t be accepted, and the seller has no obligation to respond. Even if there’s a verbal agreement, it doesn’t hold any weight once a written offer is on the table.

2. Understanding Seller Needs

The best way to find out what a seller truly wants—both in terms of price and terms—is to submit an official written offer. This compels the seller to respond, opening up a meaningful dialogue.

3. Efficiency Counts

Drafting a formal offer doesn’t take much time and is absolutely worth the effort. Even if it seems like a lowball offer, sending it in can prompt the seller to make a decision or share valuable feedback. And who knows, maybe you get lucky, and that lowball is accepted! Sweet!

In my experience, I always recommend that we go the route of a written offer, verbal offers are a waste of energy and resources. It helps everyone stay on the same page and ensures we’re making the most of our time together.

If you or anyone you know is considering making an offer, remember: that a written offer is key to moving forward effectively.

Feel free to reach out if you have any questions or need guidance—I’m here to help!