Home Buying in West Islip>Question Details

Suzanne, Home Buyer in Babylon, NY

Verbal vs. Written Offers

Asked by Suzanne, Babylon, NY Fri Jun 19, 2009

We made a verbal offer on a home that we're waiting to hear back from the seller on. In the meantime, we found a short sale that we're interested in as well and would like to put in an offer with the bank. The short sale offer will be in writing. What would happen to our first offer if they come back and accept and we want to rescind the short sale written offer to the bank?

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All offers must be in writing along with N.Y state disclosures!!! Chances are u didnt sign any of it, and better chance then that , i m gonna guess your " realtor " dont have a clue !...........Would rather see you pic another realtor....That would give you a fighting chance !



ps-- pic anyone who signed in before me................
0 votes Thank Flag Link Fri Feb 12, 2010
You need to work with a good Buyer's Agent who can assist you through the issues you are facing. To be valid, a real estate agreement must be in writing and fully signed by all of the parties to the contract.
0 votes Thank Flag Link Thu Jan 21, 2010
How many properties are you going to buy?
0 votes Thank Flag Link Thu Jan 21, 2010
Offers on real estate need to be in writing. Verbal offers don't hold much weight. Even if the seller accepted your offer, you don't have a deal until all the T's are crossed and the I's dotted. Real estate contracts need to be signed, initialed and earnest money given to be considered an accepted offer.

Same goes for the short sale. Until the bank signs off on it, you don't have a deal. You can always recind the offer should you hear back on the first deal. If you recind your offer, make sure you receive something confirming that you have withdrawn your offer. You don't want to end up buying two houses.
0 votes Thank Flag Link Thu Jan 21, 2010
An offer should always be in writing. This will show the terms of the offer in a clear and concise manner. A verbal offer is repeated to all parties from memory. A key term or item can be left out of the process and change the entire outcome of the negotiations.
It is always better to present one offer at a time when purchasing a home. A seller has to respond to all offers presented and if you have a multiple offers arriving on a single property and all the purchasers are not intent on moving forward it creates a muddy transaction. It is always best to pick your top selection and move forward with an offer and negotiation and if that offer does not meet your terms then withdraw the offer and move onto the next offering.
0 votes Thank Flag Link Thu Jan 21, 2010
You can always withdraw any offer. But be careful if you sign a contract and put up escrow money. If you change your mind after that you could loose some of your deposit money.
Georgia Westcott
Licensed Real Estate Broker
The Westcott Group Real Estate Company
0 votes Thank Flag Link Mon Jul 27, 2009
The agent you're working with on the verbal offer should have (in my opinion) advised you better. Your verbal offer on one of my listings would have carried very little weight in today's market. My homeowners need to see the written offer accompanied with your bank pre-approval. Everyone else here has answered correctly, until your in full contract, either party can back out.
Web Reference: http://www.bobsendel.com
0 votes Thank Flag Link Fri Jun 26, 2009
dear suzanne..
as a realtor i always want an offer to be in writing, accompanied with a preapproval from
a reputable mortgage company verifying either my buyers credibility as a buyer or confirming to my
seller that the offer presented is in fact from a buyer who is ready, willing and most importantly able..
hopefully you have discused financials with a mortgage rep or at minimum with your realtor if you are
being represented by one.
second, for short sales, it is still the homeowners home, they are the person who will have to accept your offer, then there is a formula that the banks work with to make a decision if the offer is within their paramaters.
if you have any further questions regarding the procedures i am a certified short sales specialist.

back to your question,
the bank does not accept a deal based on an offer they require full contract..
until you are in full contract with either party you have the right to change your mind either way..

hopefully this helps?

i am also a resident of west islip...

Lisa Palermo
Coldwell banker residential
0 votes Thank Flag Link Fri Jun 19, 2009
You can do what whatever you like until contract--are you working with a Realtor, isn't he/she guiding you along.

0 votes Thank Flag Link Fri Jun 19, 2009
People rescind short sale offers all the time. Until you are in contract, you are not in contract.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Jun 19, 2009
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