What about your time, effort, planning and heart that's gone into this offer at that point. Personally I'd refuse to accept such a kick out.
either he likes your offer, or he doesn't. He an either accept your offer as it is, or wait for the next one... which might not be for as much money, and might not close as quickly either.
the bird in the hand IS truly worth two in the bush.
There are so many legitimate ways to get your earnest money legally returned to you (including not meeting your mortgage contingency) that it's not funny.
What difference should it make to the seller whether you have $1,000 or $100,000 in earnest money, if you get to exit the contract within one of your legitimate contingencies? All of that earnest money gets returned to the buyer.
(of course, as a seller's agent, I'd be pushing for more earnest, too!)
This would be a valid clause, if you had a "contingency" in your contract that you have to sell your house first (that's typically when these kick-out clauses are used) ... but if the only contingency you have in place is your mortgage... then they're out of line asking you to sign this.
Your response was appropriate. I hope they agree, and accept your offer.
If the seller is unwilling to accept your modification, then I'd reject his too.
you're still negotiating.. you have nothing accepted yet. And under those circumstances, the seller can attempt to add in any clause they want. But it will only become part of an accepted contract if you agree.
Personally, I don't find a kick-out clause to be to your benefit... "if i find a better offer, I get to accept it"... how does that work for you? I agree with Maria... I wouldn't recommend that my clients sign such an agreement, unless it included some sort of "compensation" for my client, should the seller back and out take another offer. (and even then questionable).
that means the seller can't just add a kick-out clause, because he wants to...
unless, you're still in some contingency period. Talk to your Realtor... or your attorney (if you use them in WV).
She might, under those circumstances, have been willing to sign the kick-out, or perhaps raise her purchase price, or do something else to enhance our offer based on the fact that we were in competition with another offer.
So, the listing agent "missed" an opportunity to improve his client's offer. I guess my error, Dp2, is in over-estimating the other agent.
I imagine that the other contract was aware that they were in a multiple offer situation, and therefore were at an advantage.
I call "unfair" from the listing agent.
It is questionable that you can receive competent and authoritative advice by people who do not know the details of your situation.
If you have a legal question, then consult with an attorney.
If you really want this house then you need the services of a great negotiator. What does your Realtor say?
If you are not represented by a Realtor, don't you think you'd get better advice by paying an attorney that posting on Trulia?
The real answer is that a great negotiator could find out the facts of the situation from both parties and probably work out an arrangement that would meet their needs. Having an offer accepted with the right of first refusal might be an option. That would mean that the seller accepts your offer, however IF he gets a better offer, YOU have the right to meet the price and terms of the new offer and remain in "first position".
If you do not understand the above suggestion, or have questions, please consult an real estate professional who has access to the full facts of your situation.