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We have been going back and forth with a seller for the past several weeks.
They sent us another counter offer the other day, we countered it yesterday. Their realtor called and said they would not accept it. So we reprinted their original counter offer and signed and faxed it off. This is all being done across the country.
Is this it? Is the contract set in stone and they must take the home off the market? Apologies for asking obvious questions. It has been a very stressful experience for my wife and I, and I'm just wondering if the uncertainty is over, well except for the appraisal, inspection, etc.
Your agent should be guiding you and explaining what is happening at the moment.
I understand that they did not accept your counter offer, so you went back and accepted their original offer. It may depend on the time frame if you got the signed contract back to them in time before the deadline.
But discuss it with your agent so you can get the correct information. S/he will know all the details.
In my state of Maine, no. A seller can continue to market their home and solicit a back up offer in case yours falls through. In fact if they have one, they can be very firm in future negotiations regarding inspections and walk throughs.
It's never finished until you are holding the keys and the seller has the proceeds (if any). This where your Buyer Agent earns his/her fee, the work is just starting now. Anybody can find the home, it's keeping the transaction together that is the challenging part.
Going back and forth for weeks is pretty long and meanwhile, all the dates in every counter have to change.
How far apart are you? Do you know what maximum you want to pay for the house? You may want to submit your best and final and if that doesn't work out, then you move on to another house and remove all incertainties.
Going back and forth for weeks is pretty long and meanwhile, all the dates in every counter have to change.
How far apart are you? Do you know what maximum you want to pay for the house? You may want to submit your best and final and if that doesn't work out, then you move on to another house and remove all incertainties.
We already signed the contract. Their counter offer expired today and we signed and returned it yesterday.
We had initially not agreed to their counter and countered it ourselves. Their agent called and said they were not doing it, so we reprinted and signed their last offer before their expiring date and time.
I am just wondering since both signatures are on the contract, if it is now legally binding and regardless of any better offers they may receive, our contract is set. I did not realize they did not have to take it off the market, and it could still be shown!
It is legally binding, contingent on all the conditions in the contract being filled (inspections, financing, etc. - exact details would depend on the state the contract is in, of course). The seller can take back-up offers, but here,at least, back-up offers don't even go to the negotiating stage until and unless the contract that they are backups to falls through - and that can't be just because the seller receives a better offer and wants out.
Now, a contract with a contingency (usually that the contract is contingent on the buyer selling their current home first) is a different matter - ilt remains active, with a contingency contract, and if the seller gets a better offer, they notify the buyer that they have a set period of time (already specified in the original contract) to remove the contingency and move forward on buying the house or the seller can cancel the contract and move on to the next offer. But that doesn't sound like, with the few details we have here, the kind of contract you have.
You really need to check with your agent in the state the house is in, because we're all quoting you the laws in the states we are licensed to practice in and your mileage may vary.
I understand that you are reluctant to "bug your agent about every little thing." Perhaps if you give us the state the home is in, a licensed agent can give you the right answer and the rest of us can learn from it.
It is legally binding, contingent on all the conditions in the contract being filled (inspections, financing, etc. - exact details would depend on the state the contract is in, of course). The seller can take back-up offers, but here,at least, back-up offers don't even go to the negotiating stage until and unless the contract that they are backups to falls through - and that can't be just because the seller receives a better offer and wants out.
Now, a contract with a contingency (usually that the contract is contingent on the buyer selling their current home first) is a different matter - ilt remains active, with a contingency contract, and if the seller gets a better offer, they notify the buyer that they have a set period of time (already specified in the original contract) to remove the contingency and move forward on buying the house or the seller can cancel the contract and move on to the next offer. But that doesn't sound like, with the few details we have here, the kind of contract you have.
Actually, dependent upon the state you are in, once an offer is countered (which the OP did), the original offer is null and void. You can not always go back and say, "OK we will take this one now".
Actually, dependent upon the state you are in, once an offer is countered (which the OP did), the original offer is null and void. You can not always go back and say, "OK we will take this one now".
We do not have many contingencies. Basically if home does not appraise by lender then contract is null and void (seller's contingency). Other than that we do not have any "outs", we sent the escrow check, they wrote a contingency if we change our mind after 2 weeks they keep the money, so we will definitely not be waffling as we have financing squared away as well. We are purchasing in Florida, not sure if that makes a difference.
We are purchasing in Florida, not sure if that makes a difference.
Almost certainly, as was pointed out above, laws vary from state to state.
Have you heard back from the listing agent since sending in the signed contract?
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