Are Oral Offers Okay?
August 30th, 2008 By Peter G. Miller
Sellers and brokers will want all offers in writing. Here’s why.
Suppose a seller has a home for sale at $450,000. The buyer asks if the owner will accept $425,000.
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 $410,000. Why not? After all, the buyer has no commitment to pay $425,000 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’s not enforceable and not worth a dime.
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