I put an offer on a house that I am renting. The owner knew I would be doing this. He is disappointed that I came in with such a low offer but his house needs a lot of work. I feel he is trying to negotiate and haggle with me to the point that I am tired of dealing with it. I have three months left to go on my lease and I have no problem staying to the end but I want to cancel my offer so he will just leave me alone. (His house is just not worth what he thinks it's worth!) Can I do this? I did not put any earnest money down and he has not verbally or in writing accepted my offer.
2006-08-10 10:47:46 · 13 answers · asked by Blitz 3 in Business & Finance ➔ Renting & Real Estate
if you do not have a contract signed by both parties and you are under no obligation to buy anything. just tell him u don't want to buy it anymore and that's it. if he says anything stupid tell him u do not have a legal sales contract
2006-08-10 10:53:36 · answer #1 · answered by ani2525 3 · 0⤊ 0⤋
If the offer is in writing, you can cancel the contract based on a number of reasons. You can cancel based on seller's disclosures, based on the home inspection, the survey, the appraisal, availability of homeowners insurance, or if your mortgage payments are going to be too high. You need to read through your contract carefully and see if you have checked those options. If you haven't, then you might be in a bind. But if you didn't put any Earnest money down, then I don't think that it would be a problem for you to just back out. If you are still in negotiations about the price, meaning, if you haven't come to terms with a set price, then you can back out at any time. You really should consult with a local Realtor and have them go through the contract with you and make sure that your landlord hasn't tried to pull one over on you. If the contract is verbal, it is not binding in court. Good luck to you.
2006-08-10 12:50:55 · answer #2 · answered by babe_in_the_country 2 · 1⤊ 0⤋
An offer is not binding so don't worry about it.
In fact, that's the purpose of earnest money - so that if the buyer doesn't follow through, then the seller will still get something for his trouble.
You can be sure that if someone makes a higher offer then he will sell the house to that person and ignore your offer.
2006-08-10 11:10:42 · answer #3 · answered by Doctor Hand 4 · 0⤊ 0⤋
As long as he has not accepted your offer, then you can rescind it without any penalties. However, you might want to consider a professional appraisal on the home. This will give you a true sense of what the house is worth and will help to support your arguments with your landlord.
2006-08-10 15:07:39 · answer #4 · answered by amkornele 3 · 1⤊ 0⤋
Doesn't sound like you're actually in escrow so I can't see that you verbally offering to buy the house could be binding. Also....just because you've expressed interest in the house, if he doesn't except your low offer then the deal is off. You're not obligated to negotiate with him.
2006-08-10 10:56:10 · answer #5 · answered by spottersd 1 · 0⤊ 0⤋
have you ever signed a freelance of sale? Did it comprise any contingencies, e.g. inspections, your means to acquire a private loan? Have those contingencies been cleared, e.g. inspection ok, or you have a private loan dedication, or despite the fact that contingencies you had written into the contract? in case you signed a freelance, and contingencies - if any! - have been cleared, then you are committed to ending up the ultimate. outcomes for failure to close on time would be written into your contract. maximum often, you lose your down charge to commence with, and there is each and on a daily basis outcomes for failure to close by ultimate date, that is enforced till vendor finds yet another purchaser and closes. no count the way you slice it, in case you renege on the contract, it is going to cost you an exceptionally super deal of money. you are able to desire to be sued for particular overall performance, forcing you to close. See your criminal expert who negotiated your end of the contract of sale in case you don't comprehend each and every thing on your contract. in case you probably did no longer use an lawyer, get one now.
2016-11-04 07:42:57 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Based on the info you gave there is no legal contract between you and the land lord. If it's not in writing it isn't worth the paper it's written on. You have no written agreement and therefore nothing to worry about.
2006-08-10 11:38:10 · answer #7 · answered by From a real estate agent 2 · 0⤊ 0⤋
As long as you don't have an accepted offer you don't have a contract. Withdraw your offer in writting.
2006-08-10 11:30:00 · answer #8 · answered by Karen R 3 · 0⤊ 0⤋
as long as you didn't sign anything, there should be no problem with backing out. If you want to be sure, then call a realestate agent and ask them.
2006-08-10 10:54:21 · answer #9 · answered by stingray4540 2 · 0⤊ 0⤋
Absolutly! That house is not your problem until you sign on the dotted line!
2006-08-10 10:55:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋