Home Buying in 19044>Question Details

Homebuyer, Home Buyer in 19090

If you are preapproved and make an offer is there anyway to get out of the signed agreement before they accept

Asked by Homebuyer, 19090 Sun Apr 10, 2011

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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.

So, again, check with your Realtor.

Hope that helps.
0 votes Thank Flag Link Sun Apr 10, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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HI Home Buyer, The easy answer is Yes, however they could of already signed before you even posted this question. Call your Agent ASAP to find out what is going on at this point. If they have not yet signed just ask the Agent to recind the offer. If they have already signed we believe in PA that usually means it's a fully excuted contract because PA has no Attorney Review. If you feel so strongly that you do not want this home talk to your Agent about possible outcomes to this sisuation. We can tell you that most any home purchased these days is a great deal. Market Values are very low, making it a Buyers market and as the old saying goes
What goes up must go down and more importantly when it's down it has no where to go but UP. You most definitely have bought future equity. If you do buy this home you will more than likely see future equity within the next five years and be able to sell at a profit should you choose to do so.

All the Best

Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Sun Apr 10, 2011
You most certainly should process this through your agent but one would believe that you should be able to withdraw an offer as long as it isn't an accepted offer. Once the offer is accepted and you have an executed contract, things would become much more difficult.

Acting on this as soon as possible is advisable. Begin by contacting your agent!

Good luck,

Bill
0 votes Thank Flag Link Sun Apr 10, 2011
Hello,

Ask your Realtor. Mty thought is that you can retract an offer at any time prior to it being accepted. A legal contract involves a meeting of the minds. However it depends upon the content of the written offer.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
0 votes Thank Flag Link Sun Apr 10, 2011
What does your real estate agent tell you?
0 votes Thank Flag Link Sun Apr 10, 2011
Hi Homebuyer,

How are you? Thank you again for your inquiry. IF you've only sent over the contracts and the seller hasn't signed it and returned it back to you yet, try to ask whoever that you're working with withdraw the agreement before they send it back to you. OR, if they did signed it but made some changes to the agreements, then it is up to you to either accept what has been changed by initializing the changes, or just tell the seller that you no longer wish to purchase the property because IF there's changes made by seller to the contract and waiting for you to accept, the ball is in your hand to accept or not.

Hope that helps!

If you have any questions, please feel free to email or call me at (267) 918-1880. Have a nice weekend!

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Best Regards,
Phong Lam, CSM
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CENTURY 21 Advantage Gold
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Philadelphia, PA 19145
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0 votes Thank Flag Link Sun Apr 10, 2011
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