As a real estate broker, my understanding is the Buyer is correct. The PAR agreement of sale plainly states a Buyer may void the agreement within 5 days after receiving the condo docs or settlement, whichever comes first. I point this contingency out to all my Sellers when selling a condo, so it does not come as a surprise to them if the buyer exercises this contingency. I would suggest you get an attorneys opinion as well since this really a legal question.... more
I don't have the answer for you, I believe your original lender would be the best resource for this question. I did want to thank you for being a Veteran and offer my title services to you anytime you may need them in the future. I appreciate you!... more
Generally, yes. You can withdraw your offer at any point up until they accept--by signing your offer. Check with your Realtor for more information.
One additional point: Whether or not you're preapproved doesn't make any difference. What matters is whether the sellers have signed your offer yet.
Note: If they've already signed, you may have some contingencies in your offer that could allow you to terminate the contract. For example, you might have a home inspection contingency. And if the home inspection comes back unsatisfactory, that could be an "out." Or if you're buying a condo or a property in an HOA, you're generally entitled to review the documents--often providing you a several day window. If the documents are unsatisfactory, that also can be an "out." So even if you waived the financing contingency (which you shouldn't have), there may be other ways to terminate the contract.
Your question was posted in July. Hopeyou have purchased a house. I am answering this for the benefit of others who may read this post. It is to your advantage to work with a Buyers agent. . The others have already given good reasons why you should use you own buyer's agent. I am an accredited Buyers Representative and hold the ABR designation.Look up my web site www.gitabantwal.com for information about agency and advantages of using a buyer's agent.... more
Are you lookin to invest, or reside in the home. When putting in an offer for an REO, this is one of the questions the holding companies(Asset Management Co.) ask the listing agent. Thought being, an investor would be willing to walk away quicker than a buyer looking to live in a property. You can only write up an offer and see what happens. My last REO listing was listed for 325000, and the bank accepted an offer of 270,000. Ed Carboy... more
The MLS provides true sales information because most offices input the details of the transaction including seller concessions. This information is provided by agents to provide you in realistic expectations for your home in the current market. Sidenote: beware of short sales/foreclosures which abnormally skew the data; they are considered outliers and should be treated as such.... more
The first question is whether the property you are shown is within your pre-approved loan amount and monthly budget expenditure criteria for principal, interest, taxes and insurance (PITI.) Looking at unaffordable properties will only result in disappointment.
The next question should be whether you are buying the property or the agent. If you are paying, you get to choose what you want to offer. Your agent may give reasons for offering a certain price, but the choice is still yours, not the agent's. The Seller has the option of accepting, countering and rejecting your offer. If the Seller is well advised, the offer will be at least countered.
In many areas the market is a "buyer's market." That means there is greater than a 6 month supply of property for sale in the area you are looking. Less than that is a "seller's market." If your agent is does â€œdue diligenceâ€ he/she will advise you of the market conditions where you are looking. It can change from one sub-division to another.
Have patience and be willing to walk away if you feel uncomfortable about an offer. Remember, it is not about the agent; it is about YOU!... more