As the Listing agent I have had several inquiries of late asking me if my Seller would accept this specific price, or would you ask the Seller if he would accept a lower price.
My answer is this – we never know how serious someone is until they put pen to paper and write a contract. So even though the Seller says – yes he might accept this offer this is $50,000 under the asking price, he might and he might not. Nothing is firm and binding unless it is in writing and signed by both parties.
In real estate that is the first and lasting thing you are taught in your real estate courses. Nothing is done and applicable in court unless it is in writing!