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Lisa Tempesta
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Lisa Tempesta answered:
Kathy,
I see a lot of great answers here, but thought I would add some addtional information for you. You didn't mention whether or not the offer was a verbal or written one, nor if you signed a contract. If you accepted a verbal offer, but contracts were not exchanged, this is a really easy question. You do not have to accept. With an offer to purchase, there are a lot of different items associated with the offer. You might be happy with the price, but not happy with the terms. Maybe they are not putting 20% down and you are afraid they won't be able to get the mortgage. Maybe they didn't give you a preapproval letter for the mortgage. Maybe you don't like the closing date they chose. Or maybe you just decided not to move. Whatever the reason is, if you don't have a written contract, you don't have to move forward.
If you have already signed a contract, then hopefully you received an Opinion 26 and you know that within the first 3 business days, you are entitled to have an attorney review period. Even if you signed a contract without an attorney, it is a wise decision to have an attorney represent you. If you are already in attorney review and you decide you do not want to move forward, you can cancel the contract without recourse, still without any reason. Once you get passed the attorney review period, it gets more difficult to answer this. But that is what the attorneys are for. They are there to wade through the legality of your contract. Just based on your post, it doesn't sound like you are that far into the process.
The best advice you have gotten on this board is to speak with an attorney. Especially if you don't have a real estate agent that is helping you to navigate through the sale of your home. And even if you did have an agent, they can only give you real estate advice, not legal advice.
Good luck with your potential move. And if you need any additional help, please feel free to contact me.
Sincerely,
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell / skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com
http://www.lisatempesta.com
I see a lot of great answers here, but thought I would add some addtional information for you. You didn't mention whether or not the offer was a verbal or written one, nor if you signed a contract. If you accepted a verbal offer, but contracts were not exchanged, this is a really easy question. You do not have to accept. With an offer to purchase, there are a lot of different items associated with the offer. You might be happy with the price, but not happy with the terms. Maybe they are not putting 20% down and you are afraid they won't be able to get the mortgage. Maybe they didn't give you a preapproval letter for the mortgage. Maybe you don't like the closing date they chose. Or maybe you just decided not to move. Whatever the reason is, if you don't have a written contract, you don't have to move forward.
If you have already signed a contract, then hopefully you received an Opinion 26 and you know that within the first 3 business days, you are entitled to have an attorney review period. Even if you signed a contract without an attorney, it is a wise decision to have an attorney represent you. If you are already in attorney review and you decide you do not want to move forward, you can cancel the contract without recourse, still without any reason. Once you get passed the attorney review period, it gets more difficult to answer this. But that is what the attorneys are for. They are there to wade through the legality of your contract. Just based on your post, it doesn't sound like you are that far into the process.
The best advice you have gotten on this board is to speak with an attorney. Especially if you don't have a real estate agent that is helping you to navigate through the sale of your home. And even if you did have an agent, they can only give you real estate advice, not legal advice.
Good luck with your potential move. And if you need any additional help, please feel free to contact me.
Sincerely,
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell / skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com
http://www.lisatempesta.com
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