Home Buying in 85305>Question Details

N, Home Buyer in Phoenix, AZ

Our offer for a REO was accepted but we no longer want the house. Can we decline the accepted offer? Will we?

Asked by N, Phoenix, AZ Thu Feb 12, 2009

lose the $1000 earnest money we put down? On what grounds could we refuse the offer (no inspections have been performed yet)?

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N,

Where in the heck did your Realtor go that represented you in this purchase?

If you aren't' working with a realtor, then I would suggest you read the paperwork you signed when you agreed in writing to purchase the home.

As your realtor, I would cancel the contract in writing. I would also have disclosed to you if the earnest money was non-refundable and just who was holding the em, the bank or a neutral 3rd party (as is customary).

Don't go in blind next time and for god sakes work with someone who will provide answers for you "before" you sign, not excuses afterward.

Best of Luck,

Stew Keene
Signature Realty Group
Scottsdale, AZ
Web Reference: http://www.stewkeene.com
0 votes Thank Flag Link Thu Feb 12, 2009
Donald, look at N's other posts. He is unhappy with his agent, it seems there are a lot more problems than the question at hand.
0 votes Thank Flag Link Fri Feb 13, 2009
N,

1) If you had a buyer's agent represent you on this home, then you should be asking him or her this question. If you are working with the same agent that listed the home, then he or she should be able to answer the question too.

Part of the challenge a REALTOR® faces with REO or Bank Owned homes today is that we are playing by a different set of rules for each property. When we us the standard forms issued by our governing boards, we all learn the contract, addendum, and paperwork for buying/selling a home. When we deal with REO or Bank Owned our paperwork is often overridden by the Bank's paperwork. This means when I am working with a buyer I often have to spend an additional 2 to 3 hours going over the paperwork, asking my broker questions, asking our legal department questions, interrupting the results, thinking about different possible future scenarios and THEN explaining to my client in plain common terms what they are signing. Even though it is written, I often verbally have to tell my client to consult legal advice for some bank owned properties.

If you have a lazy agent who just says "sign this", they are not doing their due diligence and is doing a homebuyer injustice.

WHY DID YOU NO LONGER WANT THE HOUSE?
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Fri Feb 13, 2009
I agree with Stew. Your Realtor should have already informed you of the inspection period. You should be able to cancel - * IN WRITING* - within that period. Being an REO property, the bank may have used their own contract and you really need to understand their terms. I hope you are using a Realtor - if not, please get one !!!! It doesn't cost you anything, and will save you a lot of time and money. Most Realtor's are very knowledgeable in today's market and know how to negotiate the transaction. A good Realtor will stand by your side every step of the way !!!

-- Lisa
0 votes Thank Flag Link Thu Feb 12, 2009
Buyers remorse? Happens all the time, You should have a way out check with your realtor. if you are not using a Realtor, maybe now you can see the value of one.

Good luck.
0 votes Thank Flag Link Thu Feb 12, 2009
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