My agent told me that I will be the 'back-up' in case the offer falls through....has anyone heard of such a thing? The house was sold yesterday and I'm signing the counter this morning.
2007-02-02 05:49:51 · 6 answers · asked by Caliocean 1 in Business & Finance ➔ Renting & Real Estate
There is such a thing. However, at the very least, make it void in case you have begun negotiations on something else. Otherwise you're laying yourself open for a suit for specific performance.
I just wouldn't bother. Unless you're getting some kind of fantastic deal, there is no percentage in being a back up for abuyer.
2007-02-02 06:04:34 · answer #1 · answered by Searchlight Crusade 5 · 2⤊ 0⤋
I sold real estate for 8 years. This happens in a hot market or when the house is a good deal. Unfortunately, it sounds like you may have took to long to sign the counter-offer. The agreement is not legal until the contracts are signed. Sorry, but you missed out on this house.
2007-02-02 07:30:51 · answer #2 · answered by upnorthbeachbum 1 · 0⤊ 0⤋
Sure there is such a thing. That is why all over the real estate contract it says "Time is of the essence"
You got beat out. Now you must hope that the first buyer backs out or cant' qualify. Either may occur. continue shopping all the while.
Best of luck,
2007-02-02 06:03:56 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Yes there is. You should have acted faster. There is no harm being the back up offer, if something goes wrong your in. Just make sure your Realtor makes the offer void if you find another home you would like to purchase. Remember you can keep looking in this position, its not like you have to wait 45 days to find out whats going to happen.
RE Agent,
Remax
2007-02-02 07:02:18 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋
dont be second place to anybody..there is such a thing..but, they just want you to tag along just in case something happens..they are trying to cover their a$$...they dont care about you...i would suggest you not sign it...if the other people back out..and its not because of shortage of money..then theres something wrong with the house....but...there is almost NEVER a shortage of money since the bank is always around the corner...how can you let someone sign if they are short? see what i mean? AND...if that deal doesnt go through..u can always come back and ask to buy the house....tell me they are going to say no to you...see? its dirty what they do....but i just explained to you everything..good luck...
2007-02-02 05:55:39 · answer #5 · answered by frankysnewcolorpainting 2 · 0⤊ 1⤋
you may talk inclusive of your agent and a actual property criminal expert approximately this count. you fairly can harm the settlement, yet you might have a minimum of a few criminal accountability. maximum appropriate, based on the wording of the settlement, you're forced to proceed with the sale. despite if, as which could require your being sued by the purchasers, wherein era they might could the two lease a place or delay merchandising their modern living house, it in all threat won't come to that. in case you nonetheless plan on shifting once you detect a house you like, i might pass with the aid of with the sale and lease a small living house for six months while you proceed your seek. in case you have desperate which you in reality do not decide to sell your place, era, tell your agent to tell the purchasers, refund the earnest money and deliver one greater quantity (say, 0.5 the quantity of the earnest money ) as liquidated damages. State that by cashing the verify they adjust to settle for it as liquidated damages in finished. Then, desire they funds it. additionally, assume your Realtor to ask for the completed value from you-regardless of each little thing, they chuffed the situations of their itemizing settlement and are due their earned value.
2016-10-16 11:14:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋