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Old 08-10-2009, 10:43 AM
Location: Southern Arizona
8,593 posts, read 20,450,364 times
Reputation: 8390


Originally Posted by Project_Patt View Post
Two days later tell my agent that the deal is off and if I want the property I will have to make another offer

is this legal?
Definitely no expert here, Project . . .

However, from past experience I have always been told that no real estate transaction is final until all documents are signed by all involved parties. In many or most cases, a verbal agreement is sufficient but there is always that possibility and your agent should have made this fact known.

On a positive note . . . possibly this property was just NOT FOR YOU.
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Old 08-12-2009, 09:47 PM
Location: North Phoenix/Moon Valley
889 posts, read 2,020,377 times
Reputation: 1055
Originally Posted by R_Cowgirl View Post
There may be someone in the Real Estate Forum who can answer that. Quite a few AZ Realtors hang out there. Good luck. This whole AZ Real Estate situation is insane. The good news for homeowners is that the foreclosures are almost gone. So this would be a great time to buy.

On the other hand... when I lived in Hawaii, we put an offer down on a house and it fell through. We were really upset because we loved the house. So we went looking for another house and found one ten times better. THEN - (drum roll for the punch line...) 6 months AFTER we settled into our new home, we read in the paper that the house we had tried to buy had collapsed. The land was unstable. A heavy rain forced water under the house in a few unstable areas, and it collapsed the foundation right down the middle. So - sometimes the Universe/God/the Housing Spirits are trying to tell you something. If it's an uphill battle, you might be at the wrong hill. (There's your Sunday morning thought for the day...)
Just curious, where do you get your information that the foreclosures are almost gone? I think that is a very broad and brave statement to make without some facts to back it up.
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Old 10-06-2009, 12:26 PM
Location: NJ/NY/CT area.
251 posts, read 483,344 times
Reputation: 83
Not knowing all the details I would say offer at least 7% or $20,000 less, whatever is greater.
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Old 10-06-2009, 02:47 PM
239 posts, read 486,576 times
Reputation: 84
I bought from WFC. There signed offer stated that it is subject to approval by senior management. It did leave them an out. I did close and resold 8 months later for a tidy profit. I wouldn't trust those people as far as I could throw them. Their "asset management" is more like asset mis-managmenet.
If they had simply auctioned the home off, when they got it, to the highest cash bidder, they would have been better off in most cases. No management, no vandalism, theft.....
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