Is signed RE contract binding? - Posted by Richard Brunory


#1

Posted by Richard Brunory on December 12, 1998 at 10:09:26:

Thank you for the input…this was out first closing on “income property” with owner financing (holding a second). We tried to do this on our own and as we found we could not answer all the questions the seller had regarding the contract(a buyers contract). This eroded the “trust” factor and to give a comfort to the seller we put him in contact with the loan officer, who needs both of us, to explain the questions and satisfy his needs. Next time we will use “all” resources available, including this “news” page.
Thanks again for your input…be talking again soon.
Richard


#2

Is signed RE contract binding? - Posted by Richard Brunory

Posted by Richard Brunory on December 11, 1998 at 09:18:02:

We (the seller and I) signed a RE contract for a property yesterday afternoon. We then took it to the Title Company who’s handling the escrow. The seller then spoke to an attorney that night and has asked us to make two changes to the contract after he has signed it. Is the signed contract binding as is unless we (the buyer) agree to accomdate the seller?


#3

Define “binding” - Posted by Joe Kaiser

Posted by Joe Kaiser on December 11, 1998 at 13:11:11:

The real world truth to the matter is that what’s binding and what isn’t binding is whatever the judge decides two or three years from now, and even then you can appeal.

I’ve jumped up and down and hollered till I was blue in the face when my signed contract wasn’t being followed, and I’ve lost a lot o’ dough when I refused to make changes to signed contracts because “a deal is a deal.”

It ain’t.

Today I’m more inclined to work with the seller whenever a situation like this develops. It’s not because I’m a good guy, it’s because I know if I don’t then what likely will happen is I’ll end up with zip, and anything is better than zip.

Or you can just go with the “a deals a deal” thing and watch their attorney tear your agreement apart right be for you eyes, and in all likelihood, ask for attorney fees from your pocket in the process. Ouch.

Joe


#4

Re: Is signed RE contract binding? - Posted by PBoone

Posted by PBoone on December 11, 1998 at 10:55:20:

Your agreement is binding…
If you agree with these changes the seller is requesting I would have the seller write an addendum sending it to you ALREADY SIGNED by them at that point discuss it with your attorney
Pat


#5

Re: Define “binding” - Posted by Richard Brunory

Posted by Richard Brunory on December 12, 1998 at 10:02:44:

Joe…thanks for the input, the advice is the direction we decided to go, with one exception. To make the seller more comfortable we had him contact the loan officer to explain any questions he had to the contract…it seemed to us he felt we were trying to work him and the trust was diminishing…this seemed to work. We do agree on keeping the seller satisfied and that is the advice we recieved yesterday from many sources. Thanks again for your input…Richard