Seller Changing Sale to As-Is After Accepting Offer
fleurssauvages
3 years ago
last modified: 3 years ago
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fleurssauvages
3 years agoRelated Discussions
seller agent didnt submit offer
Comments (41)Linda - what are you seasoned realtors seeing that those of us who think something is not right aren't? Sparkels Im only seeing that some of the facts are missing here. From being in the business, it sounds to me like they had a very strong offer on the property. (CASH or, a strong pre approval, good money down, strong credit scores, no contingencies) and had no reason to listen to any other offers, especially from a buyer who looked at the property a month ago (wasnt motivated enough to make an offer then). A red flag to me is that this buyer wasnt in contact with the listing agent for a whole month. Is this not a strong buyer that the LA didnt bother keeping in touch with him/her? When a bank has a strong offer on the table, they arent necessarily interested in getting the "highest" price, just the strongest buyer. They obviously felt that had that. Alot of people think the agent is doing something crooked or underhanded when things dont work out in their favor. I think most of the agents here are seeing that things are just not adding up. Parts of the story are missing. Agents have NO REASON at all not to submit offers, especially in this case where it would have been a double for the agent. My guess is they had a very motivated cash buyer in hand and had no reason to listen to any other offers....See MoreAccepting Offer Contingent on Sale
Comments (3)The answer here can vary a lot. It sounds like the MLS in you area says "under contract" without differentiating between houses with a sales contingency and those without a sales contingency. The MLS I previously belonged to listed those with a sales contingency as "pending" with the number of hours allowed in the kickout clause immediately after it. Agents were not as reluctant to show houses with a kickout clause. I helped buyers purchase several homes that had kickout clauses. Unfortunately this doesn't seem to apply in your case. Ask your agent though if the MLS has a way to indicated a contract with a kickout clause. You need to look at where your house is in the range of buyers. Is it a first time buyer price, in the middle or near the top of prices? If it's a first time buyer price, I would walk away. If it's at the top, or even the middle of market prices, you may have to accept the fact that anyone offering on your home is likely to have a contingency for a home sale. The advice in the above post is excellent. Have all the facts and go forward from there....See Morexpost. Would you accept a contingency offer?
Comments (18)Its very complex and I am not saying there is a right answer. I would probably accept a contingency offer on a rental property I held for twenty years because what is a few more months if I get $20K more out of the deal? Why the big hurry? I was actually ready to offer full asking on this property (since I was making a contingency) and the realtor said "don't do it, the house isnt worth that and the other offers are *really *low. However, I would not accept a contingency offer on my primary residence at this time. On the other hand, I verbally made a contingency offer on a property that was not accepted because it was a contingency. However, at closing, I would have given the owner a check for the full amount. That particular house has "sold" THREE times since I made my offer, and all of them fell through because they could not get the proper financing to seal the deal and renovate. I didnt need financing. I looked at the house again the third time it entered the market, I am no longer interested. For what its worth I would be shocked if the current owner had 1/10th the market value invested in the home Total compared to the current asking price. These are the differentials we are talking here. I looked at a house that I had to sign a waiver that if I was injured I would not sue the realty company. It is listed at 100x what the current owner paid in 2002. Not all of what is going on around where I live is just simple economics. (I wasn't interested in that one, I was just trying to see what stunt the current owner was trying to pull.) This house is on the market years later--he will *never get what he wants. Its not simple increasing values, there is still greed out there. So would I want someone to accept a contingency offer on certain types of property? Sure. Would I accept one on my own property in most cases? Probably not. :)...See Moreresponse to accepting offer?
Comments (14)Perhaps you misspoke or I'm just misunderstanding. You just said you "accepted the Seller's counter offer." Did you mean that? Acceptance means you accepted the counter offer in all particulars, making no changes nor requesting additional terms. So under Contract law, you ARE in contract (though your real estate agents might like additional documents for their own records). Sellers do not need to sign your actual "acceptance" of their counter offer to create a contract. You already have one if you signed Seller's counter offer. There is no additional legal requirement, though as I said, agents may tell you they need/want forms signed. If you actually mean that you instead countered a Seller's offer with additional or new terms instead of "accepted" the Seller's counter, and Seller did not respond to your counter-offer, then the non-response is a rejection and you are not in contract. You never accepted the Seller's counter offer in this case. The counter offer expired at the time indicated on the document. If you accepted a counter offer, you are in contract. Why would you want to rescind your accepted offer? You can't rescind an accepted contract at this point (though there may be sufficient defect after inspection or some other issue that later permits you to rescind.). Don't you want the house?...See Morefleurssauvages
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