Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If I put a bid on a house and they have until 5 PM to respond and after 5 PM sometime they accept the bid and was stamped at 4:45 PM but I wasn't or my real estate agent wasn't notified until 2 hours after the time on the bid ran out am I still obligated to buy the house?
If I put a bid on a house and they have until 5 PM to respond and after 5 PM sometime they accept the bid and was stamped at 4:45 PM but I wasn't or my real estate agent wasn't notified until 2 hours after the time on the bid ran out am I still obligated to buy the house?
Technically, NO if it truly was after the time stated to respond. However, being that hard-nosed on an offer is basically very unrealistic. IMO, anybody that is, simply has buyers remorse, and should examine their reasons for making an offer in the first place.
The time limit is put in there to try NOT to allow them to "shop" the offer around and leave you hanging.
However, people being people, sometimes it's simply not all that easy for an agent to get ahold of their client, and get them to respond in time. Could be lots of reasons for that, but say 4-5 hours either way should not be used as the ONLY reason to drop an offer. For all you know, they might be in the emergency room in the hospital.
If you really have something like that happen, ask for an explanation if you want, and use your best judgment as to whether it sounds legit.
If a bid was accepted at 4:45, I'm a little curious why their agent wouldn't call you (or your agent, if you are represented) and say, "we've got a deal, I'll send you the paperwork shortly." Waiting a couple of hours past the signing time is a little odd. On the other hand, the agent could have been busy with other clients and didn't realize the contract had been signed. Do you want the house, or are you going to die on this little ol' ant hill?
If you changed your mind, I would think you could use that time deadline as a get out of jail free card.
When I sold my house, I refused to decide and sign the same day. If the contract came in that way, I told the agent, and if that wasn't okay, then consider the contract declined.
It takes time to read the contract (read the fine print!), read any special requests in it (closing costs, repairs, etc.), and then decide on what a counter offer, if any, should be. Then, and only then, do you do a counter offer or acceptance or rejection. I also wanted time to try to call a relative and bounce the deal off them (I live alone...it's a little scarier when you are alone with no one to discuss it with).
If I were a buyer, I wouldn't hold them tightly to the deadline, unless I had changed my mind. But if you made an offer, you must like the house. Don't get the jitters and pass it up off the bat. You may regret it.
Am I misreading this? It sounds to me like the offer was faxed or emailed over prior to the deadline, but a phone call was not made until 2 hours after. If that's the case, I believe the buyer would at least lose their DD money, right?
^^ It's not clear.
-- The OP says the sellers had until 5p to RESPOND (which could be an accept ore rejection, but let's set that aside
-- then the OP says they accepted the offer AFTER 5p, but it was stamped before 4:45p, but the OP's side wasn't notified until about 7p.
Well does that mean they DID accept at 4:45p, and the OP was notified of that until 2 hours after five?
Technically from what the OP says s/he doesn't know WHAT time the offer was accepted. For all the OP knows, they really didn't accept until after five, realized it was a bit late, PUT 4:45 on it, and then "notified" about it two hours later.
-- Was any of this information faxed, emailed, was this all phone calls.
-- Could the 4:45p acceptance have been faxed -- and sitting in the OP agent's box and THAT person didn't notice, because they were waiting on a phone call or text.
IF the deal was indeed accepted and sent, and it was the OPs agent who didn't realize it have come throughout (because the other side didn't call to say "just sent it") that's not the other side's fault.
BUT in either case I'm with others who ask…"Is this really an issue?" And if so WHY is it an issue? Did you lose another offer in that two hours, or are you just piihssed, and need to get over it so you can move on with the deal, or are you looking for any excuse to get out of the deal.
I think this is part of all contracts, but maybe it's just my state.
The time on the contract is irrelevant here. What matters is the delivery of the contract (and the agents should know that). A contract is not considered "delivered" until one actually receives the contract whether that's in person or via electronic means.
BUT in either case I'm with others who ask…"Is this really an issue?" And if so WHY is it an issue? Did you lose another offer in that two hours, or are you just piihssed, and need to get over it so you can move on with the deal, or are you looking for any excuse to get out of the deal.
Exactly. Otherwise it's a pointless conversation. There is no answer. Maybe OP is just venting.
If I put a bid on a house and they have until 5 PM to respond and after 5 PM sometime they accept the bid and was stamped at 4:45 PM but I wasn't or my real estate agent wasn't notified until 2 hours after the time on the bid ran out am I still obligated to buy the house?
No...but do you want the house or not? If not, why did you make an offer?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
