DEAR MONTY: I am selling my home through an agent, and I verbally agreed to a price from a guy who lowballed by over half the asking price. The guy is nitpicking everything and taking forever, so I have signed no papers. Now I have another offer through a personal friend. I want to know if I can accept this other offer and still pay the agent’s fee because she deserves her fee. I want to buy a different home.
MONTY'S ANSWER: When you state, “I verbally agreed” and “I have signed no papers, ” you noted the verbal is taking forever. I will assume the lowball buyer is going through the due diligence without a signed purchase contract. Offers in real estate law must be in writing to be enforceable. Real estate is not a good place for verbal transactions. Oral agreements are fraught with potential misunderstandings, hurt feelings and mistreatment.
