http://www.chicagohomeestates.com/agent_view/2006/12/19/purchase-offers-are-in-writing/ Chicago Real Estate weblog Mon, 06 Oct 2008 19:59:04 +0000 http://wordpress.org/?v=2.0.6 http://www.chicagohomeestates.com/agent_view/2006/12/19/purchase-offers-are-in-writing/#comment-6644 Tue, 13 May 2008 03:20:35 +0000 http://www.chicagohomeestates.com/agent_view/2006/12/19/purchase-offers-are-in-writing/#comment-6644 While there is no legal prohibition against making verbal offers, there are a two main practical issues. First there is no enforceable contract until a written contract signed by both purchaser and seller exist. This means until a written contract is signed neither party is obligated to proceed. The second, and in some ways more important issue, is that verbal offers are simple not taken seriously. They are likely to be ignored or discounted. If you want to start a negotiation, a dialogue, make it in writting and include a mortgage pre-approval letter. Lose the purchase because they would meet your price is one thing, to lose the purchase because of the form of your offer is plain silly. While there is no legal prohibition against making verbal offers, there are a two main practical issues. First there is no enforceable contract until a written contract signed by both purchaser and seller exist. This means until a written contract is signed neither party is obligated to proceed. The second, and in some ways more important issue, is that verbal offers are simple not taken seriously. They are likely to be ignored or discounted. If you want to start a negotiation, a dialogue, make it in writting and include a mortgage pre-approval letter. Lose the purchase because they would meet your price is one thing, to lose the purchase because of the form of your offer is plain silly.

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