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i put an offer on a house on friday afternoon, and on sat morning called my agent and told her i have second

thoughts and wanted to take my offer back. the seller accepted my offer. Do I have any choice now? can i still back out without having to buy this house?
Sun May 11 2008, 16:22 - 37013 - Home Buying - 6 answers
 
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Sally
Home Buyer
in Nashville
Sally, Home Buyer in Nashville in Nashville
Answers (6)
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Jerry Dragoon was FIRST TO ANSWER Brian Copela… received BEST ANSWER
You can withdraw an offer until it is accepted. The only person in TN who can make you buy a home you don't want is a Judge.. So....seek legal advice before acting on this. A signed contract is legal and binding.....and you could be sued for performance on the contract. So understand your options from an attorney.

Wed May 14 2008, 20:41
Web Reference: http://www.lindalipscomb.com
 
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It depends on how your contracts in TN are written - technically you are in default and you would lose any earnest money deposit you included with the contract. If you didn't include a deposit you have nothing to lose except the possibility of being sued by the seller for breach of contract.

Sun May 11 2008, 19:00
 
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I strongly agree with Brian. The contract indicates a legal and binding agreement between the parties. You need to meet with your agent, their broker and possibly their attorney in order to discuss any possible legal options available to cancel your contract. We are licensed as real estate brokers (unless we have a license to practice law) in Tennessee and cannot give legal advice. This question falls under the realm of needing legal counsel. Best of luck.

Tina Evans, Principal Broker

Sun May 11 2008, 18:17
Web Reference: http://www.tinaevans.net
 
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FIrst, review the terms of your offfer.
1. DId you submit an offer without contingencies (loan, appraisal, inspections)?
2. Is there a provision on your contract for withdrawing your offer, and under what conditions?
3. When did your agent convey to the seller's agent that you were going to withdraw your offer?
4. Did you already open escrow?

Depending on your offer and circumstances, your realtor should be able to advise you on your rights to back out and under what conditions. I think that as long as you didn't release your contingencies, that you can back out as long as there is proper documentation.

Sun May 11 2008, 18:16
 
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BEST ANSWER
While Trulia is a wonderful place to ask questions, this is definitely a question that none of our opinions should come into play on. Please contact your agent (here in Tennessee, agents who are not brokers are categorized as "affiliate brokers") for proper guidance. You may also want to ask for a meeting with your affiliate broker and his/her broker.

Sun May 11 2008, 16:59
Web Reference: http://www.nashvilleandbeyond.com
 
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FIRST ANSWER
it depends! if the seller accepted your offer and the acceptance of the seller's offer (contract) was communicated and "delivered" to you in writing then you have options (depending on the laws of your state). one option is to go ahead and buy the house. another option is to say "you don't want to buy the house" and you may lose your deposit (if the seller puts a claim on the deposit). another option is to talk with an attorney. again, it depends on how your Realtor is handling the transaction. is there another Realtor involved? so you see, it may not be easy but then again is not that difficult either. Good luck to you. Let me know what happened.

Sun May 11 2008, 16:40
Web Reference: http://www.selectpropertiesnow.com
 
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