Are there any penalties for rescinding an offer on a probate home sale?
I rescinded my offer after receiving an email from the seller's agent with a counter offer stating they had received multiple offers and were asking me to increase my deposit by $500 for a total of $15000 (originally they requested $14500). I'm not sure what conditions they requested from the other potential buyers. Initially I responded to their counter offer with an acceptance but within 18 hours I rescinded. At the time I rescinded I had not received an email or call stating my offer was accepted. I believe once the seller's agent (or estate's agent) accepted a bid they were going to ask the court for a confirmation date. Do I risk any losing my deposit even though there were competitive offers?
I'm involved in an attempted probate purchase myself, and it's SCARY.
Hmmm, you are in a tight spot. If you accepted the counter, then they may be holding it in case the other's fall through. But, in your contract there should be the number of days your offer/counter offer is valid. If they do not reply within that time, you are off the hook. Then there's the 3 day lemon law, but probate is a different sort of tree...may not have lemons.
If you had contingencies in your offer and you withdraw it because of that contingency, then you get your money back. Do an inspection and find termites, it needs foundation work...or some other out that your smart agent wrote into your original contract.
Elyce
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in Los Angeles
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
Fair Housing and Equal Opportunity