Kathy,

I see a lot of great answers here, but thought I would add some addtional information for you. You didn't mention whether or not the offer was a verbal or written one, nor if you signed a contract. If you accepted a verbal offer, but contracts were not exchanged, this is a really easy question. You do not have to accept. With an offer to purchase, there are a lot of different items associated with the offer. You might be happy with the price, but not happy with the terms. Maybe they are not putting 20% down and you are afraid they won't be able to get the mortgage. Maybe they didn't give you a preapproval letter for the mortgage. Maybe you don't like the closing date they chose. Or maybe you just decided not to move. Whatever the reason is, if you don't have a written contract, you don't have to move forward.

If you have already signed a contract, then hopefully you received an Opinion 26 and you know that within the first 3 business days, you are entitled to have an attorney review period. Even if you signed a contract without an attorney, it is a wise decision to have an attorney represent you. If you are already in attorney review and you decide you do not want to move forward, you can cancel the contract without recourse, still without any reason. Once you get passed the attorney review period, it gets more difficult to answer this. But that is what the attorneys are for. They are there to wade through the legality of your contract. Just based on your post, it doesn't sound like you are that far into the process.

The best advice you have gotten on this board is to speak with an attorney. Especially if you don't have a real estate agent that is helping you to navigate through the sale of your home. And even if you did have an agent, they can only give you real estate advice, not legal advice.

Good luck with your potential move. And if you need any additional help, please feel free to contact me.
Sincerely,
Lisa Tempesta, Broker-Salesperson
Realtor® -Associate
Coldwell Banker Residential Brokerage / 2200 Rt. 10 West, Parsippany, NJ 07054
(973) 267-3030 x 129 / (973) 267-4161 fax / (973) 668-6322 cell / skype id lisa.tempesta / text 9736686322
connect with me on linkedin.com / plaxo.com / facebook.com
http://www.lisatempesta.com

Kathy - agree, agree - while Trulia is a great source of info, it is not a substitute for representation. You most definitely want to consult with an attorney pronto and then next go around, align yourself with a good agent.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search and connect at http://www.feenick.com

Hi Kathy - I will make this short and sweet.......get thee to an attorney - you need counseling!

No one here can give you legal advice......no one knows what your exact circumstances are........you seem to be in over your head, and you haven't even started yet!

I would suggest you really consider using Realtor to represent you in the sale of your home. This is probably one of the largest financial transactions you will be involved in - make sure it is handled properly. A mistake could be more costly than the commission you are trying to avoid.

Good luck.........
Debbie Rose
Prudential NJ Properties
email : Debbie.Rose@PrudentialNewJersey.com

Kathy
You are selling without professional representation, right?

No one outside you and the buyer have read the written agreement right?

So no one how has not read the agreement should really be giving you advice.

If you need legal advice, see an attorney. they will want to see the written documents.

If you do not have a written agreement, you have an oral agreement. This is not legal advice. Generally speaking oral agreements are not enforceable.

The advantage to using professional representation is that there are safeguards built into the process to protect both parties from making the "wrong decision". If you are not represented by professionals, then I strongly advise against using Trulia as a substitute for professional advice based on the facts.

Trulia has a lot of very wise professionals contributing to the questions. However, as a rule, we do not know the facts, the documents, etc.

Hi Kathy, I have been in the situation in which my client offered a seller full asking price. The seller, clearly having second thoughts about selling, kept putting up hurdles and though we were willing to yield to them all, the seller would not accept our offer. Incidentally, that was a year ago now and I'm quite sure the seller looks back with considerable regret.

An offer is an offer until accepted. In fact, even after the offer is accepted, there is an attorney review period in NJ and only after that period ends, is the property under contract. During the attorney review period, either party can end the transaction without recourse. Once under contract it is tougher.

If you have not hired an attorney, do so. Particularly as a FSBO, the attorney is very important because you are lacking the assistance of an agent. And if you do decide to sell again, I would agree that hiring an agent to represent you would be a fine idea.

Good luck,
Jeannie Feenick
"Unwavering Commitment to Service"
Search and connect at http://www.feenick.com

Hi Kathy,

If you have a written agreement, you are obligated to sell the house. However, no one can force you to sell if you change your mind, but you may be subject to litigation/law suit depending on the buyers level of determination to "force" you to act on your written contract. I hope that you noticed the emphasis that I have placed on the word "written".

Hello Kathy and thanks for your question.

The "offer" to sell is just that...an offer. It means you want to sell, but are not obligated to do so. However, once that offer turns into an "agreement", you have a contract, and in many states, the sales contract is written in such as a way as to make it harder for the seller to, at a later date, pull out of the deal except under very specific conditions.

I do have to agree with Vicky on this issue, however, that selling a home is full of problems that are far more complex than simply knowing if you should or should not sell, and if you are in contract or not. While I can appreciate your desire to sell as an FSBO, basic questions quickly become complex ones, and--unlike a mistake you make in other part of your life--a mistake made in a real estate contract can cost you thousands, and, indeed, can even cost you money long after you had closed escrow on the home.

To protect yourself and your assets, it is really worth the time and money to get a Realtor to assist you. By having a professional at your side, you can avoid many of the pitfalls that we here on the Trulia "help line" will be unable to catch you before its too late. Please consider engaging a real estate professional to help you and to protect you!

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA

Hi Kathy!

To answer your question – A verbal agreement is not binding, however a fully executed agreement of sale is. If your not using a Realtor to represent you in the transaction I would suggest talking to a licensed real-estate attorney in your area to guide you through the process once you have found a buyer that is interested in purchasing your home. They can assist you in drafting an agreement of sale, ordering any necessary documents for closing and negotiate with the buyer’s agent or attorney regarding any repairs.

If you have specific needs, those should be addressed in the agreement of sale.

John Agnello
Realtor®

Long & Foster, Real Estate Inc.
1415 Route 70E Suite 106
Cherry Hill, NJ 08034

(609) 320-6700 – Cell
(856) 310-9229 – Fax

Realtor® specializing in the sale and purchase of Residential Real Estate / Servicing the Gloucester, Camden & Burlington Co. areas.

Generally, you can change your mind until you are in a contract. I have to be honest, with having an elementary question like this, you need to not draw up your own contract, you need a real estate agent or attorney to assist you.

Hello:

If you are in a binding contract you can't just change your mind.
It all depends who draws up the contract and what it states.
Just be sure you read it well and that all parties involved agree.

Thank you,
Gina Fagnani
Realtor Associate
Century 21 Hearst Realty
GinaFagnani@aol.com

If you have verbally accepted, no you do not have to proceed. However, if you have a written contract, you will need to know what that contract says about performance...so check it carefully!