Home Buying in Miami>Question Details

Tk, Home Buyer in Miami, FL

URGENT REAL ESTATE HELP

Asked by Tk, Miami, FL Tue Jul 22, 2008

Yesterday, I made a written, signed offer on a Miami, FL home and made a significant deposit. As of today,the seller has not accepted the offer. I noticed that the purchase & sale agreement/addendum had some serious issues in addition to the seller's agent being deceitful (i.e., seller will let you know his acceptance in 24 hours; varying stories on existing offers, etc.) Although I like the house, I want to revoke the offer until amendments are made (I state this in the revocation). However, the contract is silent as to being able to do this. I intend to revoke the offer by sending a notice to the builder via their website, sending an email to the homebuilder's lenders as well as taping the notice to the office's door tonight. I'm also going to stop payment on the check as well. Could I do this without a penalty since a contract hasn't been formed? I can't see to find the relevant FL statute when I search online although there's a similar provision with condos agreements.

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I understand you are also an attorney. I do not know if we are allowed to just give out information on line but if you want the opinion of a Real Estate attorney in Miami please contact me and I will give you that information. I lived in Miami for over 18 years my attorney had help me in my Real Estate and assist my costomers too. Now a days to have a real estate agent for your investments is very important, there are information about the property, the process itself to acquire the property and terms of the agreements that really need to be clarify and understood
0 votes Thank Flag Link Wed Jul 23, 2008
You need a lawyer familiar with real estate.

Other advice below appears good. However, though I fully understand your concern and thus your plans to stop payment on the check, that really could cause some problems. Make sure you're not opening yourself up to all sorts of problems by doing that.
0 votes Thank Flag Link Tue Jul 22, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hello Tk,

This is one good reason why I became a buyer's agent.
When buying a home from the builder, the on-site agent usually represents the builder not you.

Without seeing the builder's contract, I really cannot advise you on this.
I would contact the agent asap if you want withdraw your offer.

I wish you the best.
0 votes Thank Flag Link Tue Jul 22, 2008
TIME IS OF THE ESSENCE • with that said, the specific dates on the contract would prevail. It appears that 24 hours have already lapsed- you should be free from further obligation. It seems that your contract may be a "developer" contract, in this case the terms and conditions to rescind your offer may be different.

In this market, the seller should be very content on having an offer, I think you may be in a better position to try and modify your offer to reflect the items that are of concern.
0 votes Thank Flag Link Tue Jul 22, 2008
As prior answers DISCLAIMER: IF all is true and the contract NOT executed then you have only submitted an offer. MY QUESTION: Did you sign any paperwork relating to your deposit and refund? Truly any money should go into escrow with a title company not a builder ? You will need to forward a certified return receipt OR personal go on property have the asst. sign builder has received your cancel notice. If you fax, email, post on an office door the builder can state they never received your notice. Certified return receipt , signature from the asst. is evidence in the eyes of the court received notice. I would stay on top of this situation. WHERE IS your realtor?
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jul 22, 2008
TK,
If you have made an offer which has not yet been accepted by the seller, and the "offer and acceptance" date on page 8 (assuming this is a FAR-9 contract) has passed, the contract is null and void. To be sure of this, write a letter or addendum expressing your desire to cancel the contract on those grounds.
Above all, consult a real estate lawyer, as none of us Realtors can officially interpret contract language, and I want to be clear here that this is NOT what I am doing. It sounds, on its face, like you are ok, though. A contract is not binding unless both parties have agreed to all terms by SIGNING and DELIVERING the signed contract. Until then, it is only an offer. That is my understanding of it as a Realtor. Contact your attorney.
0 votes Thank Flag Link Tue Jul 22, 2008
I just checked the website-unfortunately, there's no fax only email correspondence...
0 votes Thank Flag Link Tue Jul 22, 2008
Yes this was a builder's contract. No, I'm not being represented by a realtor...
0 votes Thank Flag Link Tue Jul 22, 2008
Thanks for your answers. Ironically, I am an attorney but I'm not versed in real estate law. I only remember my first year contracts class that an offer can be revoked as long as there's not acceptance. I hope some FL experts will be able to chime in soon!!!
0 votes Thank Flag Link Tue Jul 22, 2008
Tk:

Without seeing your contract, it would be very hard to give you exact advice. Was this a builder contract? Typically, until you have a fully executed contract signed by all parties, you should be able to revoke your offer without any penalty. Are you being represented by your own realtor? If so, this is a question for your realtor. If not, you might need to seek expert legal advice. Best of luck to you.

Kathy Phillips
Coldwell Banker Residential Real Estate
0 votes Thank Flag Link Tue Jul 22, 2008
Not familiar with Florida real estate laws, but I would recommend you contact you lawyer for advise. This when you need a lawyer. Good luck.
0 votes Thank Flag Link Tue Jul 22, 2008
Hi Tk, hopefully some agents from Florida will pipe in here as well, but I will also add faxing your revocation to the seller's agent and to the seller/builder. Keep all of these means of communication and their receipts showing successful receipt - add receipt options to your emails as well.

Here in NJ a contract is not binding until both parties sign and you clear attorney review. I think you should be ok, but for sure talk to your agent, if you have one, and also consult an attorney - most especially if you have money on the line.

Good luck to you!

Best,
Jeannie Feenick
Weichert Realtors
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Jul 22, 2008
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