tag:blogger.com,1999:blog-6952082115005611553.post8393341328821571209..comments2009-04-20T13:30:29.492-06:00Utah Davehttp://www.blogger.com/profile/12741090066327691260noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6952082115005611553.post-64601656083853011262009-04-20T13:30:00.000-06:002009-04-20T13:30:00.000-06:00Hi Ann - While I'm not an attorney, nor do I have all the facts with your offer, I can give you a scenario of one or two of my past clients along with a recommendation. <br />One client we had was a seller and we sent a counter offer to the buyer. The buyer had not communicated acceptance to the seller. (Communicated acceptance is a term defined in our purchase contracts.)<br />So as the seller we withdrew our counter offer before the buyer signed and communicated that it was accepted. <br />According to the contracts that we use, our clients never have an executed contract until it has been signed and communicated to both parties before the deadlines. (See the contract for details.)<br />Second story: When we write the offers for our buyers we have what is called a due diligence period. During this period our buyer can back out for any reason......yes, even if they find a different house. As long as 'backing out' is performed according to the contract terms before the due diligence our buyers always keep their earnest money.<br /> <br />The best thing I can recommend to you, is to ask your agent your question. If there aren't any agents involved, it may be best to find one to represent you or to contact an attorney. Having someone look at your situation that can represent you is best if you have questions regarding situations like this. If you have an agent that needs extra help, have him or her call their broker in for extra help. Good luck!Utah Davehttp://www.blogger.com/profile/12741090066327691260noreply@blogger.comtag:blogger.com,1999:blog-6952082115005611553.post-86195688040568613582009-04-19T10:02:00.000-06:002009-04-19T10:02:00.000-06:00Hi Dave - can a buyer, who found the "perfect" house (let's call it the second house) AFTER the buyer agreed to buy the first house, back out of the agreement so they can buy the second house instead. $15,000 is in escrow and the contract for the first house has been drawn up and signed by the seller, but not yet the buyer.<br />Thanks,<br />Ann.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6952082115005611553.post-46405258742777498182009-02-13T11:19:00.000-07:002009-02-13T11:19:00.000-07:00Dave, great points made by you in your post. What can also happen if the Buyer misses the deadlines etc, is that there is nothing stopping the Seller from invalidating the contract. This may not be happening a lot now but it can happen and Buyers need to be aware of this too. You make a great point about the quality of the Agent, if Buyers are not careful the Agent can cost them not only their money but potentially the home they want to buy!Christopher Bontanoreply@blogger.comtag:blogger.com,1999:blog-6952082115005611553.post-85940955561322058052009-02-12T16:39:00.000-07:002009-02-12T16:39:00.000-07:00Dave, This is huge problem in my area. Buyer's agents rarely keep time lines and think nothing of. I use a title company to hold deposits for my listings. I can't even count how many deposits are still sitting there because the buyers backed out and I advised my sellers not to sign the release.Unfortunately the only way my sellers can get them is to sue and they won't for a $1,000 but hell will freeze over before they willingly sign a release. So the money sits.<BR/><BR/>"Time is of the essence" is in a real estate contract for a reason.Bryant Tutasnoreply@blogger.com