Posted by Ben (NJ) on March 03, 2002 at 11:09:37:
it could have been killed during the attorney review period anyway. I don’t think you have any recourse based solely on the verbal acceptance of your offer. The statute of frauds requires real estate dealings to be in writing to be enforceable. There are no writings applicable to you. The same thing just happened to me. I made a lowball offer which was verbally accepted. Suddenly the seller became very difficult to reach and very obstinate about
the deal (the contract erms were ridiculous and everything suddenly became “take it or leave it”.) I left it and later learned he had gotten an offer $55,000 higher! Can’t really blame the guy.I also got stuck with an inspection fee and some legal fees. Bummer. The cost of doing business, I suppose. There is always the chance that deal will fall through.