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Kris, Home Buyer in Muskegon, MI

Can a seller withdraw an offer?

Asked by Kris, Muskegon, MI Mon Oct 29, 2012

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17
Hi,

According to me, you can always withdraw an offer to purchase a property at any point of time, until it has been accepted by the seller and the signed acceptance has been delievered to you and to the agent.

http://www.experthousebuyer.com/
0 votes Thank Flag Link Tue Nov 6, 2012
Kris,

The seller can pull out only during attorney review, after that it's a legal and binding contract help up by the law.





Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

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0 votes Thank Flag Link Tue Oct 30, 2012
There are ways that a seller can pull out of a contract if desired. If contract contingencies aren't met by the date specified, the seller can terminate the contract. And if the contract wasn't signed by the seller and fully executed, then it was never finalized anyway. But as others have said, you need to review the specifics of your situation with your agent and your attorney. Trulia is not the best forum to receive advice on specific situations, particularly legal ones.
0 votes Thank Flag Link Tue Oct 30, 2012
What would a seller be making an offer on? If the seller has accepted an offer on their property, I believe that the accepted offer stands. This would definitely be a question I would take to a real estate attorney.
0 votes Thank Flag Link Tue Oct 30, 2012
I agree it is best to ask your attorney
0 votes Thank Flag Link Tue Oct 30, 2012
Kris,

Once the seller has accepted an offer, it is a binding contract subject to the terms of the contract. It might be best to have your lawyer advise you.

Best of luck,
Ivan Sagel
312-515-7823
Ivan@atproperties.com
0 votes Thank Flag Link Tue Oct 30, 2012
Hi there,
Can you please provide more details?
0 votes Thank Flag Link Tue Oct 30, 2012
a seller can burn the house down..
0 votes Thank Flag Link Tue Oct 30, 2012
Have both parties signed the contract? ...if so how long ago? ...are you in the attorney review period? If you have no signed docs then you can do whatever you want. If you have a signed contract then there may be financial consequences to canceling the deal. Talk to your Realtor and Attorney.
0 votes Thank Flag Link Tue Oct 30, 2012
Kris,

It's not clear what is meant by "a seller withdrawing an offer." A clarification may attract a greater response and answers that are more with the topic.

Bill
0 votes Thank Flag Link Tue Oct 30, 2012
Do you mean "can a seller cancel a contract?" People will do what they want, I suppose, but they may face the consequences of their actions. We would need to know the details of the transaction, but the advice of an attorney would be your best bet.

Margaret Hassani
Broker, Lightning Realty
Phone/Text: (813) 766-1501
Email: Marg@tampahouse1.com
Website: http://www.TampaHouse1.com
0 votes Thank Flag Link Tue Oct 30, 2012
Well the buyer makes an offer and teh seller can accept or counter offer. They could withdraw their counter offer if it wasnot in writing and the buyer had not signed it yet. if there is a signed contract though, they can just back out, they would have to follow the contract.
0 votes Thank Flag Link Tue Oct 30, 2012
I think you mean can a seller withdraw after signing an offer. Most contracts have a review period for your attorney, so you can during that period. Just have your attorney write up a letter canceling the contract.
0 votes Thank Flag Link Tue Oct 30, 2012
Hi Kris,

Sellers don't make offers so they don't withdraw them. If a buyer makes an offer to a seller and the seller doesn't accept it, they can do that - they don't have to accept any offer presented to them. Now, if the offer was accepted by the seller and all parties have signed the contract, the seller would need to adhere to the contract and would only be able to legally cancel the contract by ways stated in the contract that was signed by all parties.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Oct 30, 2012
Buyers make offers, not sellers, but a seller can reject any offer. If it is not in writing, signed off by both it means nothing.
0 votes Thank Flag Link Tue Oct 30, 2012
Unless an offer is transformed into a written agreement, you can withdraw it anytime as only written agreement is enforceable in the court of law.

However, having said this, there are people who uphold the Palabra de Honor--- which is the word of honor if both parties have already arrived in a verbal agreement.

If you have already a written contract, there are some stipulations therein where you can get out of it without committing breach of contract.

Review your contract or consult your attorney for advise.

Best.
0 votes Thank Flag Link Tue Oct 30, 2012
Yes, until you have a ratified contract, either you or the seller can withdraw your offer without penalty. If you're already in contract, then there are possible penalties (depending on the terms of the agreement) for the party in breach.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Oct 30, 2012
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