Jan. 13, 2012
Negotiations were tense when I bought a used backyard play house for my two-year-old. The seller wanted $60. I countered with $50. We consulted our attorneys, faxed amended offers back and forth – include the plastic fireplace logs or no deal – but finally settled on $52.75.
Alright, I exaggerated a bit. I did buy a play house, but I just called a guy who posted an ad, haggled for a minute on the phone until we agreed on a price, then showed up the next day with the money.
While verbal negotiations are a good way to buy a $60 toy, they’re a lousy way to buy a real house. Even if your initial offer to a seller is in writing, any subsequent counteroffers should be in writing, too.
Think I’m paranoid? Let’s say you submit a written offer on a home, and you and the seller verbally negotiate until you agree on a price and terms. You’ve bought a house, right? Wrong.
Until your agreement is in writing and both parties have signed it, that seller could accept another offer. Talk to a Texas REALTOR® to learn the best way to expedite negotiations and make them legally binding.
