2006-06-27 16:23:56 · 16 answers · asked by dennis p 1 in Business & Finance ➔ Renting & Real Estate
The contract process works through 3 phases -- offer, acceptance, and notification. You made an offer. Even though the seller may have accepted the offer, if they haven't let you (or your realtor) know that they've accepted it, then you can back out. If you already know they've accepted it, then you have a contract. Since it's so early in the process, the sellers might just let you out. Otherwise, you'll have to use the "outs" in the contract to get out of it. Don't let them keep your deposit either. You can hold up any other potential sale of the property until you get your money back.
2006-06-28 09:49:20 · answer #1 · answered by Tom S 3 · 1⤊ 0⤋
Call your agent - call the builder or developer if it is a brand new house. Do not just go along and DO NOT allow yourself to be intimidated like I did if you are having second thoughts. The very worst that could happen is that you lose your earnest money. I had second thoughts, job turned out to be awful - got a GREAT new job in CA eight months after the purchase and close on the house sale in AR tomorrow - result: I am borrowing money to pay the real estate agent because I only acrued about $1500 in equity. All around, I lost more money buying and selling than anybody ever should. Buyer's remorse is normal - but do not get into a home unless you are absolutely sure about keeping it for AT LEAST three years!!
2006-06-27 17:11:26 · answer #2 · answered by Wendy A 1 · 0⤊ 0⤋
1) Act now, a real-estate contract has to be written and delivered to be valid. Faxing is often considered in the contract as accepted delivery
2) Most real estate contracts have outs for both parties: site inspection, qualifying for financing, etc. Go through your contract and find your outs. You can probably exercise one of those.
3) Most real estate purchase contracts are setup in a way that you will not be held liable for failure to comply with the contract in excess of your earnest money. Depending what you put down, that may be all there is to lose here.
4) If you've used an agent, work with him/her directly now on these things. If you don't feel comfortable with how that's going, work with his/her broker. The broker actually has an obligation to you, and the agent is just working for that broker.
Good luck
PS, the 72 hours is actually whether you accept FINANCING on a real estate contract, not the purchase contract itself.
2006-06-27 17:40:45 · answer #3 · answered by Geni100 3 · 0⤊ 0⤋
I don't know if this is true in all States, but in some States (like NJ, for example) you automatically have a 72 hour right of recision on all major purchases, including signing a real estate contract. If this is the case, the agent you used must have included some kind of form in the package you were given. If you did the deal directly with the owner, they might not know about it or might not have included it. You might want to call the State Department of your State (or its equivalent) - you can usually find the number in the government pages (blue) of your local phone book - to find out if this right of recision exists in your state.
I hope this helps!
2006-06-27 16:28:33 · answer #4 · answered by LDRship 2 · 0⤊ 0⤋
I do not know what state you are in. However, in most cases you usually have 72 hours to retract the contract. Contact your Realtor and inform them of your intent. I would also email them so that you can have a paper trail that you have tried to contact them. You may loose some earnest money. Contact a real estate attorney, they can guide you as well.
2006-06-27 16:30:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Contact the real estate agent immediately. You may be held financially responsible for some expenses that were incurred by the buyer or the seller because of this deal. But if you are truly having second thoughts, it may be worth it to you.
2006-06-27 16:28:11 · answer #6 · answered by mischa 6 · 0⤊ 0⤋
Need more info...why did you sign a contract and are now backing out? I would consider buying your way out...open negotiations with the seller and see what you can do.
2006-06-27 16:28:26 · answer #7 · answered by beinggood 2 · 0⤊ 0⤋
I think you usually have like 72 hours to change your mind about any kind of contract... call and find out
2006-06-27 16:29:16 · answer #8 · answered by Chelle 1 · 0⤊ 0⤋
Did you use a Realtor? Many contracts have contingencies of obtaining financing. If your lender is not willing to make your loan, you should get a letter from them stating so. If you are unable to get a loan, you are unable to fulfill your contract.
2006-06-27 16:32:06 · answer #9 · answered by mom 4 · 0⤊ 0⤋
Legally with any signed contract you have 3 business days to renig on your offering.
2006-06-27 16:34:14 · answer #10 · answered by sajitgal 2 · 0⤊ 0⤋