Ep. 115 – Verbal Offers with Brittany Glazier

Matthew Maschler:
All right. What were we
Brittany Glazier:
Saying? So I saw there was a question in the newsletter about verbal offers, about if what weight they carry and stuff like that. None. So I didn’t know. Right. So I wasn’t sure if that was something that the listener be interested in hearing more about. If you get a verbal offer or if you give someone a verbal offer, you need to back it up with a written offer. The
Matthew Maschler:
Problem, the problem with verbal offers is that they don’t contain all the important terms. How much is the deposit? Is it a cash deal or financing? When’s the closing? How long is the inspection? The contract? Five pages of the contract are contractual terms and not just the price. Price, first deposit, second deposit, financing, et cetera. So the problem with the verbal offers is that they don’t have all of the important terms needed. So I’m negotiating a deal right now verbal, and I have a lawyer client who likes it this way because the lawyer thinks you agree to terms first and then the principals negotiate and then the lawyer just writes a contract to confirm it. But the problem is that, hey, would you take, if the house is listed for 700,000 and hey, would you take 6 25? What does that really mean? People have to move. Maybe the buyer wants to move in really soon and the cell is not ready. Even if you offered above list, if there’s all these other terms like closing dates, et cetera. Is that what you’re asking? Yeah. That’s the issue. But you’re saying that you’re hearing a lot of verbal offers lately.
Brittany Glazier:
It just seems like there’s talk about verbal offers lately and it seems like it would be helpful for people.
Matthew Maschler:
Where do you hear ’em?
Brittany Glazier:
This it just people
Matthew Maschler:
Talking. People talking? Yeah. At the bus stop.
Brittany Glazier:
Yeah, at the bus stop. Yeah. And it’s school. But no, but if they know what they should do to protect themselves,
Matthew Maschler:
You see a lot of it on television, like on Million Dollar Listing. They don’t seem to write offers. They just seem to negotiate over text or over an ice cream cone.
Brittany Glazier:
And then in your newsletter, I saw there was a question about the verbal offer.
Matthew Maschler:
Yep. That’s why we wrote it up. Okay. All right. Any other questions? Nope. Alright.
Speaker 3:
The future looks bright and thes by the blue. When it’s almost flash when I pass living in moment, forget they saved the best last mania we.