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partners, Home Buyer in New York, NY

Can I change my mind after an offer has been accepted?

Asked by partners, New York, NY Mon Jun 24, 2013

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BEST ANSWER
Hello Partners,

Of course you can but only if you do not have an executed contract of sale!

An accepted offer is only the beginning of a sale transaction. In order for a transaction to be completely successful, ALL of the following should happen.
1- Have an accepted offer
2- Sign the contract and deposit a 10% in escrow.
3- Have a fully executed contract, signed both by both parties; seller and buyer.
4- Have gotten the right appraisal to the property, appraisal can come low and the buyer might not be able to come up with the cash difference, then more negotiation on both parties may result.
5- Have a clear commitment letter stating that both you and the building met all conditions and have been approved by the bank you are getting the loan from.
6- Have a successful interview with the co-op board or in some cases the condo management.
Number 4 and 5 will only happen if your purchase is contingent on getting a mortgage.
All of these points can be checked and further verified with your real estate attorney.
Best of luck.
Fern Hamberger
Associate Broker
fhamberger@corcoran.com
Corcoran
0 votes Thank Flag Link Mon Jun 24, 2013
Until contracts are signed by both parties, either is free to walk away from the transaction.
1 vote Thank Flag Link Tue Jun 25, 2013
If no executed contract is in place, signed by all parties, yes you can change your mind....
1 vote Thank Flag Link Mon Jun 24, 2013
Yes, you can change your mind. If the offer hasn't been accepted by the Seller and contract of sale is not executed, you can simply rescind your offer. You can go ahead and contact your agent and rescind the offer and ask your agent fill out the appropriate form for it.
0 votes Thank Flag Link Wed Jun 26, 2013
If this is in New York City and you have not signed a legal contract and left a "good faith" 10% deposit, then yes! you can withdraw and with no penalty to you.
Michele Portnof
Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Tue Jun 25, 2013
Yes- if you have not signed your contract and given your downpayment, you will not be held to the accepted offer. Joan Brothers, Manhattan Boutique Real Estate, 212-308-2482, http://www.mbreny.com
0 votes Thank Flag Link Tue Jun 25, 2013
In NY the offer is usually not the contract and in such a case you can change your mind. If the contract was signed by all parties the only way you can walk away is if an open contingency cannot be satisfied, usually the mortgage.
0 votes Thank Flag Link Mon Jun 24, 2013
Thank you all so much for these answers! I am going to take a deep breath now....:)
0 votes Thank Flag Link Mon Jun 24, 2013
Yes New York City is different from most other parts of the country and we do not have to give a good faith deposit with our offers. Here you can back out at any point up until Contracts are signed and executed. Keep in mind that the seller can as well. If you are having "buyers remorse", as Janine put it so well, I would suggest sleeping on it as well and if you do go forward with the purchase remember that the seller could always accept a higher offer and back out if you take too long with contracts.
0 votes Thank Flag Link Mon Jun 24, 2013
Yes, you can change your mind as long as you do not have executed contracts, but you may want to ask yourself what has changed your mind? With the market so strong right now, you may have a feeling of buyer's remorse that might fade after you have thought about it for awhile. If I were in your shoes, I might give it a good night's sleep before backing out.
0 votes Thank Flag Link Mon Jun 24, 2013
As long as you haven't signed contracts. Offer accepted is just that, an accepted offer. I would def speak to your attorney about this just do double check. But the reality is that until both parties have fully wxecuted the contract, there is no real deal. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Mon Jun 24, 2013
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