Real Estate question

[amaya777]

I put an offer on a house, they put a counter offer and I accepted and put a deposit. they have about a 1 1/2 weeks to accepted, can I withdraw the offer without penalties during that time period as well if they have not accepted?

 

[GPIDEAL]

I put an offer on a house, they put a counter offer and I accepted and put a deposit. they have about a 1 1/2 weeks to accepted, can I withdraw the offer without penalties during that time period as well if they have not accepted?

Depends what the agreement of purchase and sale says. Most likely, you would forfeit your deposit. Ask your broker and/or lawyer to be sure.

 

[interactive]

Normally if you accept their counter offer (or any offer) it is binding. You are committed to it and your deposit is not the only thing at risk - you entered into a contract so you could be sued for breach. BUT they haven't accepted??? Weird - so you put in an offer that was open for 1 1/2 weeks? Or they accepted but added a conditon thay they can walk at their liesure?

If you are having second thoughts get to a lawyer pronto - otherwise sit and let time pass and be prepared to move ahead with the deal.
Always work out your offer with your lawyer - your real estate agent - any real estate agent - is not a lawyer or expert by any means.

 

[Marla]

Normally if you accept their counter offer (or any offer) it is binding. You are committed to it and your deposit is not the only thing at risk - you entered into a contract so you could be sued for breach. BUT they haven't accepted??? Weird - so you put in an offer that was open for 1 1/2 weeks? Or they accepted but added a conditon thay they can walk at their liesure?

If you are having second thoughts get to a lawyer pronto - otherwise sit and let time pass and be prepared to move ahead with the deal.
Always work out your offer with your lawyer - your real estate agent - any real estate agent - is not a lawyer or expert by any means.

JUst took the words right out of my mouth. is it conditonal upon them finding a house? If you want out it is very iffy if your lawyer can find a major flaw on the title, they may have title insurance though, which would preclude that. Talk to your lawyer and see what he/she says but the likelihood is the answer is no, you have entered a contractual obligation and are on the hook for more than just the deposit.

 

[thumper18474]

if you unconditionally accepted their offer your pooched...
Always put a condition in your acceptance to give yourself an out...
conditional on selling your house
finding an acceptable new first mortgage( thats the killer! BTW...its entirely up to you what is acceptable)..
banks agreeing to accept a mortgage from you....
and the list goes on