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Question!
I can walk away anytime (with my deposit) before signing contract (After faxing the offer)?
Under general principles of contract law, an offeror may rescind the offer (unless it states that it will remain open for a specified period of time) at any time BEFORE it is accepted. Once the seller "accepts" (by signing the contract, usually an offer is put forth on a form that has a place for the seller to sign to signify acceptance), the buyer can no longer rescind his/her offer. An acceptance is valid when it is MAILED to the offeror/buyer, the rescission is not valid until it is RECEIVED by the seller - so if they cross in the mail, the contract is valid and binding.
This is under GENERAL principles of contract law. Any state may have enacted specific laws (either by statute or judge-made law) to the contrary. These are questions that should be directed to a real estate attorney licensed to practice in YOUR state.
Under general principles of contract law, an offeror may rescind the offer (unless it states that it will remain open for a specified period of time) at any time BEFORE it is accepted. Once the seller "accepts" (by signing the contract, usually an offer is put forth on a form that has a place for the seller to sign to signify acceptance), the buyer can no longer rescind his/her offer. An acceptance is valid when it is MAILED to the offeror/buyer, the rescission is not valid until it is RECEIVED by the seller - so if they cross in the mail, the contract is valid and binding.
This is under GENERAL principles of contract law. Any state may have enacted specific laws (either by statute or judge-made law) to the contrary. These are questions that should be directed to a real estate attorney licensed to practice in YOUR state.
Note that the matter is a little more complex than the general contract queston. An Offer and acceptance is basically a bilateral contract...but a short is a trilateral deal. And the contract may have been or may not have been accepted by the seller. We may very well be in a case where the seller has accepted a contract he cannot perform.
So one should always leave an escape clause in a short sale.
Attorneys are not useful in this process in most states. They just get to clean up if it goes awry. And mostly the whole thing is legally appalling.
The multiple offer situation is tough. It is best handled by notifying all parties in writing so that everyone is aware. I've had this situation twice recently by agents within the same nationally well known company.
One was multiple offer where my buyer decided not to play ball. The sellers agent I suspect was dishonest about multiple offers but I have no proof. Property is still on the market 2 months later.
The second was multiple offers (my buyer) and the agent didn't notify us when the second offer came in. Sellers countered the second offer and it was accepted w/o my buyers even getting to come highest and best when she would have paid full price and was putting down 20%.
Oh, and it's not an offer if it's verbal. It's void unless it's in writing because it is unenforceable.
Question!
I can walk away anytime (with my deposit) before signing contract (After faxing the offer)?
You've got to read the offer (agreement) you are signing to know the answer to your question. In Oregon, the OREF standard Earnest Money Agreement form provides the buyer the option to withdraw their offer anytime before it is accepted by the seller. The contract form requires date and TIME at certain signature points for this reason.
Question!
I can walk away anytime (with my deposit) before signing contract (After faxing the offer)?
I'm in NJ
yes you can walk away.
Offer is just an offer and even after signing the contract, you can still walk away, as long as it's before the 3 day attorney review period.
you can probably find a way to walk away after that too.
it all depends on the circumstances~~
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