Carol, Home Buyer in Corona, CA

How can I pull out of an offer that has already been accepted?

Asked by Carol, Corona, CA Thu Nov 15, 2012

I submitted an offer and it was accepted.I was doing some research on homes sold in that same area and they all sold for about $20,000 less than the property I put the offer on. I know I should have done my research before but since I asked my realtor she advised me on the amount of my offer. Now I want to remove my offer but was told to wait until the appraisal is done . What would be some reason I can remove my offer and still get my escrow deposit back?

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5
Joe and Mari…, Agent, Mystic, CT
Fri Nov 16, 2012
There is alot involved when it comes to value. Identical looking houses or even condos which are exactly identical can sell for vastly different amounts. If the house is similar to houses in the neighborhood it still will have differences in finish. Ie a finished kithcen can easily add 20-50k in a house bathrooms can easily add 10s of thousands as well. Overall it is important to realize the difference in what you are bidding on to what you are comparing it too. If it is exactly the same then yes you are overpaying. If it has more finished details you may be getting a great price even though you are paying more for the house, as it offers more features. Any purchase and sales agreements do however have many reasons to get out. If you feel overwhelmed by the situation and feel as if you are paying to much your realtor should be able to show you how to get out of your contract and guide you into something else! Feel free to email me with any questions @ yourkeyteam@gmail.com I am not in the area but am happy to help with any questions!
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Carol, Home Buyer, Corona, CA
Fri Nov 16, 2012
Thank you! The last comps I saw sold within the last year. I spoke to my realtor and was told to wait for the appraisal and to go from there. Hopefully we hear back soon.
0 votes
Mimi Davies, Agent, Santa Monica, CA
Thu Nov 15, 2012
Hi Carol

I'm sorry that you feel you are over paying for your property, but I agree with Darcy: when were these comps sold? The market can shift and if there is less inventory for example then the price could go up...

Now don't forget that there is the market value of the home, and then there is your own value. If this is the house you really like, and you would be happy there, wouldn't you be ready to pay a little more? I'm just encouraging you to think about it as a big picture, so that you don't panic due to old prices for example... So have a genuine, honest conversation with your Realtor :)

Also, let's say you really want to cancel, I would review the terms of your purchase agreement and keep an eye on the deadlines of your contingency periods.

Good luck and I am sure it'll all turn out well.

Mimi
0 votes
Darcy Harmsen, Agent, Kalamazoo, MI
Thu Nov 15, 2012
The homes that you mentioned, were they sold weeks ago or months ago? The reason I ask is because the housing market has been improving and home values are increasing. If you like this home and it is one that you planning on living in for a number of years, buy the home.
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Alain Picard, Agent, Puyallup, WA
Thu Nov 15, 2012
If you have a financing contingency in your offer, which you should, than once the appraisal comes back less than the sales price you should be able to get out of contract. Talk to your realtor and ask what contingencies are in your offer because they should be able to help you the best.
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