Home Buying in New York>Question Details

Felicia, Home Buyer in Brooklyn, NY

if i made an offer and sign one of those offer letter if it is accepted, can i back out of the offer.

Asked by Felicia, Brooklyn, NY Sat Nov 24, 2012

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11
Hello Felicia,

How are you? The home buying process isn't always the easiest to navigate, especially if this is your 1st time making a major purchase of this type. A contract if different than an offer so if it is in fact an "offer" then you're not really 100% committed yet. Once you've signed a contract and received the countersigned copy back in your possession then your pretty much stuck like glue. Not sure what you're looking for but please feel free to check out a great 1bdrm coop that I have listed on my website below in Brooklyn for only $145,000. I wish you the best in your search for a new home & would be glad to assist if you'd like.

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
4 votes Thank Flag Link Sun Nov 25, 2012
Hi Felicia. As we are all Real Estate agents or associate brokers and NOT Attorneys, I strongly suggest you consult with your Attorney on this. You need one anyway to complete your purchase. Anything I might add here is experience based but anecdotal.

I believe you refer to a "Binder," where along with your written offer, financial statement and credit report, you leave a very minor deposit and sign off indicating intent to move forward to a Contract signing. Yes, you can always recind your offer any time prior to an actual signing of a Contract of Sale.

Every situation had it's own merits and negotiation is part of any deal to whatever extent. Timing may be an issue of any resultant consequences. If you recind your offer in writing through your broker or Atty before you recieve the countersigned Binder, I would see no problem there. If the offer is accepted and the binder agreement is countersigned it is conceivable that your binder deposit may not be refunded. Still, the agreement would have language that you would have read before signing it in the first place. Hence, the importance of a buyers Broker and an Attorney for this and other aspects of purchasing real estate. Good luck.
1 vote Thank Flag Link Sun Nov 25, 2012
Depends on what exactly you signed....your agent and or attorney can better advise, consider a consultation...
1 vote Thank Flag Link Sat Nov 24, 2012
If you've signed a biner then you need to read the language in it. Nobody here can properly advise you without Knowing exactly what you've signed. If you have a real estate attorney then refer to them in this case. Hope everything works out!

Chris
1 vote Thank Flag Link Sat Nov 24, 2012
Hi Felicia,

Unlike other parts of the country, in New York, offers are not binding contracts. You are able to back out until you sign a contract of sale.

Michael Richman
Licensed Real Estate Associate Broker
Bellmarc Realty.
681 Lexington Avenue
New York, NY 10022
Phone 212-688-8530 x223 Cell 917-991-2528 Fax 212-758-7495
Email mrichman@bellmarc.com
0 votes Thank Flag Link Tue Nov 27, 2012
If it's the typical sales agreement, which is not legally binding but simply an offer to purchase sure you can. Tell you agent immediately that you have changed your mind, it happens all day long, every day.
0 votes Thank Flag Link Sun Nov 25, 2012
Real Estate is not the place to play games:
Making OFFERS without having a COMMITTMENT will probably not work very well.
0 votes Thank Flag Link Sat Nov 24, 2012
Hello Felicia. It depends on the contract you sign. You should direct this question to your attorney.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Sat Nov 24, 2012
Felicia, in order to be certain your transaction goes smoothly, easily & legally, you should be working with a local experienced, professional & reputable Real Estate Broker on your behalf (which is a FREE service to you!) This licensed Pro is there for this exact purpose!! "To help guide you through the entire process"... You need Both an experienced Real Estate Broker, as well an experienced & reputable real estate Attorney. To me you sound a bit unprepared to purchase a new home on your own & I wouldn't sign a thing until I had all my ducks in a row first. Ask around that neighborhood & get some assistance :-)
0 votes Thank Flag Link Sat Nov 24, 2012
If your offer was accepted and signed, then it will be more difficult. If your offer is just an offer and has not been accepte dyet, then you probabily could withdraw it in writing. Check with your agent and make sure everything is in writing. If you offer was accepted , you may want a lawyer to review how you can get out of it.
0 votes Thank Flag Link Sat Nov 24, 2012
The only think that can bind you to an offer is a signed contract of agreement by both you and the seller. Good Luck
0 votes Thank Flag Link Sat Nov 24, 2012
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