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roughly about 6-7 weeks ago, i made a verbal offer for this place we saw and did not hear back until today.. the problem now is that since we did not hear back for this long we continued seeing other properties for which we just put in an offer in writing on a shortsale two days ago.. however, we have not gone into contract nor has the bank accepted our offer. they just took down my name, address, potential downpayment number , pre-approval letter and my signature.. now the questions is can i back out of this written deal and just take the house that i put in an offer 6-7 weeks ago ? i dont think im bound to anything /// can i back out of written offer???
Yes, any offer can be taken back, expecially before it has been accepted. Just be sure, you send it , and get it cleared, before you proceed. If that does not work, you can always find an inspector, that will find many issues, and walk then. Good luck.
Your Realtor or attorney should be able to guide you through this without any problems as they are familiar with what the offer says regarding deadlines, binding agreement dates, etc. This is a legal issue you are dealing with so I would suggest that you not take any specific advice from anyone on here. In general, if the other party hasn't signed an offer then you don't have a contract. When I have a client that makes an offer on a property, the offer includes deadlines and a means of withdrawing(i.e., in writing) the offer before the other party accepts. Just check with your Realtor or attorney as to what you need to do to withdraw the offer.
yes, it was a binding agreement with dates and not a contract.. so u guys think that i should go and talk to the realtor and tell them i want to withdraw..
yes, it was a binding agreement with dates and not a contract.. so u guys think that i should go and talk to the realtor and tell them i want to withdraw..
I'm a little confused here. To me, a binding agreement is when both parties have signed off on an offer(including all counters) and therefore you have a contract. In my state you couldn't have a binding agreement that was not a contract. Also, in TN a verbal offer is not really an offer. If it's not in writing it doesn't count as an offer. To me, a "verbal offer" is nothing more than bantering to try and feel each other out before you get serious and make a real(written) offer.
You sound like you have what I call a "verbal written offer". Yes, it is an oxymoron and not really possible, but you have some negotiations scribbled down, not a contract. Have you received acceptance from the seller (not the bank, the actual seller)? Do your scribbled negotiations list everything necessary to make a legal real estate contract in your state? If not, you can send a cancellation of your offer.
If so, you may have a legal contract, even if it is written on a napkin. You need to ask your agent, if you have one, or an attorney if you don't.
I'm a little confused here. To me, a binding agreement is when both parties have signed off on an offer(including all counters) and therefore you have a contract. In my state you couldn't have a binding agreement that was not a contract. Also, in TN a verbal offer is not really an offer. If it's not in writing it doesn't count as an offer. To me, a "verbal offer" is nothing more than bantering to try and feel each other out before you get serious and make a real(written) offer.
Count me in on 'confused' too, because as Gbone said, a binding contract is when both parties have signed off (agreed) on an offer/contract and any counters - verbal doesn't cut it in RE. Your OP seems to indicate that all the parties have NOT signed off on acceptance of the offer. So, yes, get with either your Realtor or a RE attorney for advice, but if BOTH parties have not signed off (agreed) then I don't see how you could be bound.
Last edited by JustJoy; 06-19-2009 at 10:16 AM..
Reason: PS Would love 2 hear from other Realtors about whether scribbling on napkin would constitute binding contract in your state
In Idaho, it doesn't matter in the slightest what the offer is written on, as long as it contains the right items.
We have to have:
Terms and Conditions
Form and amount of Earnest money
Responsible Broker's name
Who is representing whom (the real estate agents and brokerages)
What happens if the deal doesn't close
Legal description
Signatures and dates
This can be done on state approved forms, attorney generated forms, or a document written by a party to the contract (not a 3rd party, has to be either buyer or seller). It can be written on anything that can retain writing, including a napkin. You don't see them that way, ....ever...., but if done, they would be legally binding in Idaho.
In Idaho, it doesn't matter in the slightest what the offer is written on, as long as it contains the right items.
We have to have:
Terms and Conditions
Form and amount of Earnest money
Responsible Broker's name
Who is representing whom (the real estate agents and brokerages)
What happens if the deal doesn't close
Legal description
Signatures and dates
This can be done on state approved forms, attorney generated forms, or a document written by a party to the contract (not a 3rd party, has to be either buyer or seller). It can be written on anything that can retain writing, including a napkin. You don't see them that way, ....ever...., but if done, they would be legally binding in Idaho.
Thank you!!! Boy, RE laws in each state vary so much that was why I was curious which ones would find this to be legally binding. I appreciate the response/clarification! Guess an old dog can learn new tricks
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