ca_lexa, Home Buyer in Boca Raton, FL

The seller and I agreed via email on a price, in which he later accepted. Can I still back out?

Asked by ca_lexa, Boca Raton, FL Fri Jan 10, 2014

I'm a financed buyer (used the standard FR/BAR with finance contingency) and the appraisal came in much lower than the initial purchase agreement price. We've gone back and forth on price negotiations, and seemingly agreed to a price via email. However, before he got back to me a few days later to accept it by email, I decided to go in another direction. No signed addendum for that price was ever executed. Can I still back out and get my deposit?

I understand realtors are not lawyers. However, I'm simply looking for any insight with this situation based on your experience before I actually have to go to a lawyer and spend big $$. Thanks.

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Answers

8
Review your contract as the answer can be found in the document, or consult with an attorney who specializes in real estate; don't just rely on online speculative information...
2 votes Thank Flag Link Fri Jan 10, 2014
Had you not agreed on a price reduction, the lender would have not provided the loan because of a low appraisal and you would be free. But you renegotiated and it was accepted by email...that changes the rules of the game and now only an attorney can interpret where you stand, and if you risk loosing your escrow.
1 vote Thank Flag Link Fri Jan 10, 2014
You've dug yourself a hole and now you ask the professionals for help getting out of it........

Where is your lender on this transaction in which the property doesn't appraise for the contract price?

You want to know if non-attorneys thing an email is a binding and legal document? It's not going to happen!

Can you back out? Doing so could result in some level of accountability.

As mentioned many times earlier, you might want to consult an attorney......
1 vote Thank Flag Link Fri Jan 10, 2014
If you have a finance contingency and your still in the inspection period you should be able to back out of the contract with no consequences. Did you give hime a deposit? if so he may want to keep that and you will need a lawyer to get it back.

Real Estate agents are professionals and we do this kind of thing all the time so it would behoove you to use us for a purchase, believe me you won't get a better deal from a seller who is to cheap to list his property he is already a greedy person.

You will probably pay more for a house with the aid of a professional agent.

Good Luck
0 votes Thank Flag Link Tue Feb 11, 2014
Dear Sir or Madam,

If you worked with a Realtor asked him or her to go over the contract with you. Your cancellation has everything to do with what is in the contract and if you are still in your "inspection period" to cancel.

If you didn't have a Realtor contact an attorney to answer any legal questions regarding the contract.
0 votes Thank Flag Link Sat Jan 11, 2014
I would recommend you speak to your own Realtor first on this and if he/she is not able to answer your questions you consult an attorney.
0 votes Thank Flag Link Sat Jan 11, 2014
YOU are in charge of handling this, you voted yourself, Realtor/Lawyer. We can only suggest you
get an attorney to help you past this. Better spend the money now than to have huge issues later.
0 votes Thank Flag Link Fri Jan 10, 2014
Again, we are not lawyers our advise is worthless as there can be all sorts of stuff your email may have made.

A LAWYER would not answer your legal question based on the information supplied; why should we?
All sorts of legal issues, Statue of Fraud, Statue of Limitations, contract law, Electronic law, Sure I have 9 hours of Grad level law courses that I took getting my Business and Econ degrees, and 30 years of handling legal issue for my company, but Ca-lexa NO way would you get my answer to your question.

This is of your making, we can not bail your but out of something we have no knowledge of, YOU made up your very good mind to go it alone, we can not help you, why should I stand to loose my
ability to sell real Estate to help you?
0 votes Thank Flag Link Fri Jan 10, 2014
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