I’m not sure what you mean by “relying on a verbal offer or acceptance” because I never said one word about relying on a verbal acceptance. Look, you said nobody wants to waste time writing an offer than can’t be accepted - maybe the best way to describe my experience is to say that in my area nobody want to waste time writing an offer that won’t be accepted. If the asking price is $400K and I’m offering $390 - and the seller won’t budge, there’s no need to go any further with my $390 offer . And around here, that’s the answer people want in 24 hours- the one that says whether or not it’s worthwhile to prepare a written offer.
No, when it is signed and delivered (to the seller) by the specified date and time. Note that the offer can be withdrawn before delivery, even if signed.
Unfortunately, just to complicate matters, “delivered,” in real estate-speak, does not mean what you think it does, which is probably “received.” An offer is delivered if it is deposited in a mailbox or given to a delivery service like UPS or Fedex even if it hasn’t yet arrived at its ultimate destination.
These terms may have different meanings in other states, so don’t take my word for it.
It sounds like you are:
What you are talking about has no legal validity. If you are not relying on it, fine. If you are, it could be a mistake.
I think perhaps you are understanding “real estate-speak” when I’m not speaking it. What I have been talking about the whole time is what I said in my last post
- there’s no reliance on the verbal acceptance or rejection to do anything more than decide whether continue the process which will result in a written agreement.
Doreen, perhaps some definition of terms would be useful here. From Barron’s Dictionary of Real Estate Terms, Fourth Edition (a universal dictionary, not limited to one state):
So, in my state at least, an accepted offer would equate to a binder in yours. Do you agree?
Yes- that’s actually where this started. I suspected that back in post 26.
You’re nice. Last time I bought a house, my agent was on both ends of the house I sold, and on the buy side of the house I purchased for more than twice as much. She’s a good friend, and I realize her agency was taking half of the commissions, but she still netted roughly $250/hour for the business I generated.
I ended up in a haggling situation with the seller of the new house, who was a bit of a flake and obviously hiding some major structural flaws that resulted in significant concessions on their end after the inspection. Every time the seller would counter, I would counter-counter, and exponentially decrease the deadline by 50%. My final offer had a 3 hour limit and was sent at 9PM on a Friday night.