My offer was accepted by seller. Can I still get out of this ordeal without any consequences?

Asked by DB, Fort Lauderdale, FL Sun Dec 1, 2013

My offer was accepted, but a few days later, my realtor sent in my cancellation letter (there were some issues I had with this property after the fact). I used the FAR/BR contract with financing and inspection contingency.

My deposit was never submitted. In this situation, am I free of liability? If not, how can I get out of this ordeal and be free of any potential legal issues?

**Also, please note that the seller never took the property off the market, even after accepting my offer. Even now, it's still showing up as "Active-Available" on the MLS. Isn't this a FREC violation?

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Answers

6
Sandra Gold, Agent, Wellington, FL
Fri Dec 6, 2013
I would highly recommend to talk to your real estate agent and go over your contract as it will outline all the terms and cancellation period (inspection period).

If you want to back out due to financing there is a section in the contract under financing contingency as well.

Your agent should be able to answer all your questions on your time lines.
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Mon Dec 2, 2013
H- You submitted an offer through an Agent and your deposit
stated in the offer was never made? You and your agent
need to seek Legal Advice!
People who live in " Glass Houses "- shouln't throw stones!
If you are concerned about FREC violations take a good
look!



Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:  http://pbc-res.com
0 votes
Tom Priester, Agent, Tequesta, FL
Mon Dec 2, 2013
For buyers who have purchased a few homes in the past, is it really worth it to have a realtor represent you?

Asked by hwkeye05, Fort Lauderdale, FL • Sat Nov 23, 2013

I've purchased properties in the past, do my own research, etc. I even tell my realtor how to write up the FR/BAR contract. Why would someone like me need a realtor to purchase my next home?

I'm not trying to offend here, just asking an honest question.
0 votes
Anthony Cava…, Agent, West Palm Beach, FL
Sun Dec 1, 2013
in 14 days you can just change your mind , without pay for inspection.
0 votes
Anthony Cava…, Agent, West Palm Beach, FL
Sun Dec 1, 2013
You need to look on a contract , Second page on a contract talk about inspection, usually 14 days. But if bank not give you mortgage you also can move out of contract.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Sun Dec 1, 2013
If you have issues with the property, then you can get out of your contract through your inspection contingency. Have your agent prepare a letter stating that due to what was found at the time of the inspection, you are no longer interested in purchasing the home. Based on the use of this contingency, you should not have any liability.

As the the "Active-Available" status, I believe this is a common practice in many areas. Though still active, the listing agent must disclose that there is an accepted offer on the property but that the seller will accept back up offers in case the first one falls through. It does not jeopardize the first offer at all. If anything, it reduces the seller's desire to sue if you walk away.
0 votes
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