Can I have my withdrawal of an offer be nullified?I made an offer on Thursday, house inspected on Friday,.....

T Dean
Home Buyer
Ulster County, NY

...and, After some jitters, I told my agent that I was withdrawing on Sat . ( a lawyer had not yet gotten officially involved, since he had not yet returnned my phone call requesting price for his service). Having a bit more time to think, I felt that the house was right for me , but my agent said the seller 's agent was now dealing with other people. I placed $500 with my agent and paid $425 for inspection. Do I have any priority in purchasing this house?

Answers (2)
Barbara Korabel
Broker
12528

Place yourself in the shoes of the seller. If you told the seller, after the inspections were performed and I presume to your satisfaction, that you were unsure of continuing with the purchase what would you do or think of the buyer? I would tell your agent to resubmit the offer waiving the inspection clause, that is if you were satisfied with the outcome and have consulted with your attorney. The seller's agent will need to submit your new offer along with any other offers that were received.

As a buyer's agent I would tell you to sit down and write a letter to the seller explaining the reasons for your actions.It may hold some weight in the decision of competing offers and it may not. It is worth the few minutes to try. Let the seller know why you think the house is right for you. Time is of the essence.

I have been in a situation where I represented the buyer who fell in love with a house and was about to go into contract the next day when someone from out of town came in with a fifty thousand dollar higher offer. Turns out the seller liked my buyer and they settled for half that amount.

You can have your agent speak for you and request from the seller's agent that the offer be presented directly to the seller. Of course the seller would have to agree to that. Pushy does not work but fair and honest does. Last resort is offer more than you did originally, remove some contingencies(consult an attorney) or escalate your closing date to make your offer more appealing. That may sway the seller towards your sincerity.

Until such time as the contract has been signed anyone can come along and offer a substantially higher price and the seller can accept it; but it's always best to consult your attorney. Usually the seller will compensate an original buyer for some of the costs associated with inspections etc., and it's all dependent upon their attorney's advice and their conscience. Sometimes the first buyer will match the new offer and continue with the sale. Each situation if different. Contracts can also be broken if mutually agreeable and only after attorney consultation.

After trying some of the suggestions I have presented you may just want to consult an attorney. Good Luck.

Mon Nov 3 2008, 18:33
Joanna Lane
Agent
Southold, NY
FIRST ANSWER

The short answer is no, you do not have a priority in purchasing this house, but since it is only Monday morning and the offer was only made Thursday, even if you had not changed your mind twice, the situation would be no different. Nobody has any rights to anything until both buyer and seller sign a contract reviewed by respective attorneys. You have probably made everyone very nervous, so they are now uncertain about going ahead with you at all, and if others are interested as well, they are likely to prefer to sell to them instead. That said, it could be a bluff by an annoyed seller, who was very excited receiving your offer, only to have it thrown back in his face after the inspection and now wants to make you sweat a bit. A good agent will help sort it out for you, but don't spend any more money on it unless the seller confirms their agreement to sell to you again

Mon Nov 3 2008, 06:12

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