Asked by tinafaye, Queens, NY • Wed Oct 16, 2013
I'm working with a dual agent. My agent's boss is the listing agent. I'm buying a house in Queens, NY.
We wrote an offer and wrote $500 good faith deposit. My first questions is: Is it custom to give a deposit with an offer? Will the seller get the deposit if I back out before the contract is executed?
After my offer was accepted, my agent told me to have home inspection done ASAP so we can get the contract signed soon. My second question is: when will home inspection be performed? before or after contract signed?
During the waiting period of my home inspection, my agent kept pushing me to have the home inspection done ASAP and said they were entertained by several offers. The day after we did home inspection, my agent told me that the seller accepted another offer and my offer became back-offer. My third question is: Can the seller back out accepted offer? What remedy can I get for the expenses I paid?
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