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Old 09-10-2009, 06:47 PM
 
Location: NW. MO.
1,817 posts, read 6,512,480 times
Reputation: 1367

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If you have an offer on the table contingent on inspection and after inspection you are not sure you still want the property because it is a LOT worse than you though but you offer the seller substantially less because you have a time limit here and they haven't answered if they will accept the latest, can you retract and back out?
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Old 09-10-2009, 07:13 PM
 
Location: Nashville, TN
1,177 posts, read 3,942,504 times
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If your contract says so you can. Just ask your agent as these are some of the types of things that they normally deal with.
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Old 09-10-2009, 07:44 PM
 
Location: Dallas/Fort Worth, Texas
4,198 posts, read 14,403,115 times
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That is exactly why you have a contingency on there. I don't see why you can't back out and get your earnest money back. However, depending on what state you are in, I think you need to check with your Realtor to give you the best advice since they know local law and your contract terms as well.

Naima
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Old 09-10-2009, 08:29 PM
 
Location: NW. MO.
1,817 posts, read 6,512,480 times
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Thank you for the help!
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Old 09-10-2009, 09:46 PM
 
Location: Just south of Denver since 1989
11,606 posts, read 32,116,088 times
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Is the counter signed by both parties?
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Old 09-11-2009, 12:27 AM
 
Location: NW. MO.
1,817 posts, read 6,512,480 times
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Quote:
Originally Posted by 2bindenver View Post
Is the counter signed by both parties?
no, it's only a verbal at this point.
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Old 09-11-2009, 12:39 PM
 
Location: Nashville, TN
1,177 posts, read 3,942,504 times
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Quote:
Originally Posted by misplaced1 View Post
no, it's only a verbal at this point.
In Tennessee verbal doesn't count. It only counts if it's in writing. There's a good probability that there is not a legitimate counter on the table.
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Old 09-11-2009, 02:33 PM
 
Location: Passed out on the trail to Hanakapi'ai
1,645 posts, read 3,831,071 times
Reputation: 1282
You can back out until the other party delivers signed copies.
( In pennsylvania)
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Old 09-11-2009, 02:47 PM
 
Location: Colorado Springs, CO
1,570 posts, read 5,707,072 times
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Here's a time line / out line. Note the names of these deadlines may be different in different states. Dates rule!

Property Inspection Objection Deadline Sept. 10, 2009

Property Resolution Deadline Sept. 15, 2009

On or before Sept. 10 you give formal notice to the sellers that you will want a $5,000.00 credit for repairs. You change your mind on the 13th, you don't want to buy the house. You will need to give formal notice to the sellers prior to the 15th that you are going to end the contract due to inspection objections.

Even if the seller's had agreed to the $5,000.00 credit and returned a formal notice. You may still refuse to agree provided that you return formal notice to the sellers no later than the 15th.

In my example the 15th is the resolution deadine - all parties must be in agreement by that date. Will the seller's be upset that you asked for a credit but changed your mind. I bet they will be. But as long as you are within your deadlines, you can do it.

Let's say the seller's had returned formal notice in agreement to the $5,000.00 on the 14th. The 15th comes and goes. On the 16th you change your mind and don't want to buy the house. TOO late. If you back out of the sale you will loose your earnest money.

Of course I'm offering advise without seeing your contract. Your agent should be able to review it quickly for you.

The point is deadlines matter. Everyday counts and the paper must be correctly signed and delivered. You may expect the seller and their agent to be upset - so your agent will want to be sure every "t" is crossed!
Best wishes.
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