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1103ek, Both Buyer and Seller in 20901

once I Bid can I pull out before the dead line from the bid without the penality ?

Asked by 1103ek, 20901 Mon Nov 9, 2009

Help the community by answering this question:


Are you asking about a HUD bid? If so then yes you can pull out before deadline. You do not have a contract until you get written addendums and signatures. Talk to your Realtor or if you don't have one I have a HUD specialist on my team who would be happy to adivise you.
If this is a regular sale and you have a RATIFIED contract then it depends on your contingencies.
I hope this helps.
0 votes Thank Flag Link Sat Jan 9, 2010
Bruce is correct. If there is only one signiture on the contract, you do not have a legally binding contract, just an offer. On the other hand, if you do have a signed contract the terms of whether you can, "pull out," should be specified in the agreement. I recommend you share your concerns with your Realtor. If you do not have one, I would be happy to take a look at the agreement and give you my opinion, however if you did not use a standard contract, you really should be seeking the advice of an attorney. Again, if you do not have one, let me know and I can give you some options/names.
Web Reference: http://www.alexsaenger.com
0 votes Thank Flag Link Mon Jan 4, 2010
Hi - I don't understand the question. If you've presented a purchase offer to a seller, you can retract the offer at any time. If you present an offer and the seller accepts, then your contract is 'ratified' and you can only void the contract based on the specific dates/terms in the contract. Before ratification, however, you don't have a contract or any agreement, so you can retract it anytime. Hope that helps.
Web Reference: http://mocorealestate.com/
0 votes Thank Flag Link Mon Nov 9, 2009
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