Posted by Mark (SDCA) on December 15, 1999 at 10:20:12:
Carleton is right. The agent is wrong. Get it in writing. At this point, I would walk over a paper saying you formally reject your offer on property 123 Main St of 31,500 made on x/xx/1999. Take 2 copies. Give one to the agent and have her sign on your copy that she received it at such and such a time on such and such a date.
Mark
withdrawing a contract before exceptance - Posted by mike adams
Posted by mike adams on December 15, 1999 at 04:53:11:
here’s my story, i put a contract on a bank owned property that was listed for 32,500.00. my bid was 31,500.00,site unseen. after my viewing of the property i went back to the agent and told her i wanted to withdraw my contract and resubmit for 24,900.00. she told me i could not do that until my bid was excepted. so i took pictures of the property,(inside and out) and submitted a property inspection report done by my self. yes,they excepted my bid,now in order to resubmit my bid for 24,900.00,they say i have to have a home inspection done by a licensed home inspector… carleton says,a contract can be withdrawn anytime before exceptance. do you agree and do i have any recourse!
Re: withdrawing a contract before exceptance - Posted by chris
Posted by chris on December 18, 1999 at 03:56:29:
Your contract can be withdrawn if it has not been accepted by the seller regardless of contingencies in the offer-the broker is worried about losing the commission. The problem is after the seller accepts your contract. If that occurs then you need the “weasel” clauses to escape. If the seller makes a counteroffer you can drop the deal by not counter-counter offering. You may want to report this broker.
It would be a good idea to have a RE attorney to go to for matters when you need them looked into. Until you become familiar with contracts have the atty review them and help bulletproof them for you. Each deal has its own peculiarities that a boiler plate contract cannot always cover. It’s a little money upfront, but well worth it.
Re: withdrawing a contract before exceptance - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on December 15, 1999 at 21:40:14:
Mike,
Without benefit of seeing your contract, I’m going to offer the following advice. Unless the contract specifically states that you are going to do an inspection with a “licensed” inspector, you should be able to get out of the contract based on YOUR inspection. You’ll need to put your rejection of the contract in writing based on the inspection results.
How much earnest money is at risk here? If they won’t budge on your inspection, you have a few options.
Good luck!
Bill K. (AZ)