In making an offer, if the owner accepts the offer are you required to buy or are you still able to back up? how can you back up and which reasons are allowed?
2007-10-02 11:04:42 · 7 answers · asked by silver wings 4 in Business & Finance ➔ Renting & Real Estate
If the terms were met between parties, you have placed a deposit down and the appraisal and loan come in as expected, you may need to see an attorney. There is something called "Specific Performance" whereas one party can be ordered by the court to meet the terms of the contract. You need to consult an attorney about this term and your situation. Don't take legal advice from people who are not attorneys. I've had a real estate license since 1989 and carry 5 different state licenses BUT I will not give anyone legal advice without a law degree. No agent should be doing that; it's against everything we are taught through real estate training.
2007-10-03 01:46:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you tender an offer for a house, you are saying that you are ready, willing and able to purchase said property. If the offer is contingent upon financing, you may be off the hook if you cannot finance. Once you tender, the real estate agent will want his commission even if you do not close. You can back out any time before closing, as you have not signed the legal documents of transfer. As always this is an opinion, not to be construed as legal advise. You should consult an attorney.
2007-10-02 11:14:04 · answer #2 · answered by Wylie Coyote 6 · 0⤊ 1⤋
Generally your offer is a contract to buy.. it is subject to whatever contingencies you and the seller have built into it plus other legal rights which vary from state to state.
Assuming that there is no fraud or misrepresentation on either side those are the only reasons you are allowed to void the offer. If you can not exercise one of them you may have to pay whatever penalty is involved.... usually the forfit of a deposit or to cover the sellers costs (because HIS agent may demand his commission since he delivered a buyer for the property and the seller accepted the offer... that may have completed HIS contract).
Check it all out before you 'change your mind'. Maybe you have rights of recisision or you can find some undisclosed fault...?
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2007-10-02 11:12:21 · answer #3 · answered by ca_surveyor 7 · 0⤊ 0⤋
all reasons would be listed in the offer you wrote.
They might include financing to be approved, house must appraise, home inspection or option period, or maybe others.
If the seller agrees with you on every item and signs and initials the offer it becomes a binding contract. If they change anything....anything...then it is not a contract yet just a counter offer.
2007-10-02 11:09:19 · answer #4 · answered by glenn 7 · 1⤊ 0⤋
Yes, so long as it's been disclosed that an present has been authorized, any individual else could make an present and it may be authorized as a contingent or again-up present. If your deal falls by way of, e.g. you do not get your loan cash, then they get the condo. Do no longer fear approximately this. It has no have an effect on on you so long as you signal the agreement and continue to final as agreed.
2016-09-05 15:18:29 · answer #5 · answered by thomasina 4 · 0⤊ 0⤋
You can still back out but you will probably loose your earnest money and may owe your Realtor a fee if you used one.
2007-10-03 01:40:45 · answer #6 · answered by brandyrhi 2 · 0⤊ 0⤋
You can back out but you lose your deposit.
2007-10-02 12:13:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋