I am pretty sure you can since you are in the preliminary stages of the sale and you have not really signed the papers from the bank. You have between 14-17 days to do your due diligence and I don't think you have used up all that time. Please use the same agent on your next purchase because I am sure he/she worked hard for you.
This is really a question for the realtor who is representing you in the transaction. My gut says that you can back out since you the offer was never signed but I don't work in your state and can't be sure. I hope that helps.
I just read your other notes. If the counter was also verbal then only written CA RPA rules. It is writing and you are obligated to perform the terms of that agreement. But you are entitle to inspection if you are within the 17 days you could for any reasons back off and get your deposit back. If you have not remove your contingencies.
Let me know if I am missing anything! Talk to your agent she could explain.
Prudential California Realty
Verbal acceptance means nothing. If you have signed the counteroffer and deleived it than you would have been obligated to perform. If you have signed and delievered and changed your mind then you probably would have lost your deposit . Since the BALL is in your court and you have not pass it the game is over! But to be sure you may contact legal advise form an attorney!
Prudential California Realty
In order to document your action, it will be better for you and your husband to write a letter and fax it to your agent stating that you are rescinding the offer and thank them for their timely response and have your agent notify the bank's agent so you will not burn any bridges and you will not loose your deposit as well. It is wise to do it this early than wait until you've exhausted your days to lift your contingencies.
And all the best to you,
The problem is yesterday, my husband and I stopped in the model homes of a builder less than 1/2 mile from the property only to learn that their standing inventory of at least 13 comparable homes had liens and the sales office was closing within the next few days.
While we were prepared to stomach the risk of further devaluation from individual REO's in our new neighborhood, the news seems devastating to this small enclave of larger upscale homes.
Had we known this information we would not have agreed to pay as much as we did. Even if we have to give up the deposit, I think it would be best.
Just heard from the banks realtor tonight that they have the counter offer paperwork ready to send over to us. Does my realtor have to file a special form to rescind the offer?
Like you, I take this job seriously and over here, even REO offers are written on California RPA form and like she specifically said, she has not signed the counter offer as yet. So where is the contract? The REO contract is not sent out by the bank unless the RPA and the Counter Offer are signed. Yes, location has everything to do with it since we have different ways to remedy problems like this before we talk about lawyers-- we have arbitration, mediation and good old-talking between agents to come up with an agreeable solution. And all of us who are giving our prudent advice are not involved in Anne's transaction that's why this is called a forum. Please remember that if you see my name in here, I will never ever stir anybody to do something wrong, unethical or illegal.
For Ann, check with your agent if I said the right thing. You are just a stone's throw away from me.
Even if using a standard state form that would allow a 14-17 day inspection period that is a negotiation point between both principals and unless you've seen the specific contract that was signed or know the terms of the deal that was negotiated, you are assuming it is the same one with which you are familiar.
My location has nothing to do with anything - I never presumed to know what the contract said or what the terms were. I simply suggested she contact a lawyer and asked you how you were privy to the negotiated inspection period...
Sorry if I've offended you - I just don't think it was prudent advise to give unless you are directly involved in the situation and aware of the details.
Ann - the question you have can only really be answered by a real estate attorney.
If I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!