Hypothetically, lets say a buyer's offer on a house is accepted. He has 30 days until closing. According to the contract he must come up with the money at closing. During the process the buyer cannot find any funding and it looks as if the deal will fall through. Another offer is made on the home. The sellers want to accept the new higher offer, but need a release signed by the buyer. The buyer refuses. My question is, after midnight on the closing date, do the sellers need a signed release to accept the new contract? Is the former contract voided by the old buyer's failure to find financing? Can they legally accept the new offer after informing the first party their contract has expired? My wife and I are the 2nd buyers, but we're being told the seller can't accept our offer until they get a signed release. The deadbeat buyer can refuse for months and hold up everything with that logic! Is that excuse legit.
By the way we are located in Florida.
2007-11-28
13:01:45
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3 answers
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asked by
the_lateman
2
in
Renting & Real Estate