If i place a bet on a foreclosure house, and i the last minute i dont want it does it affect me !!
1,6995 answer(s)
About 11 years ago
It will just depend on where exactly you are in the process. If there has not been an acceptance yet, then have your agent formally retract or terminate the contract.
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DislikeAbout 11 years ago
If you have only placed your offer but it has not been responded to or signed yet, then you could have your Realtor send a written letter to the Listing Broker stating you are rescinding the offer you previously submitted, and also require a written acknowledgement that the Listing Broker has received your letter rescinding your offer.
In a real estate transaction all things need to be in writing, including your intent to rescind your offer, and read receipts need to be in place creating a dated paper trail of your actions.
Hope this helps.
In a real estate transaction all things need to be in writing, including your intent to rescind your offer, and read receipts need to be in place creating a dated paper trail of your actions.
Hope this helps.
About 11 years ago
It depends on exactly where you are in the process. But if you wait until the last minute and simply change your mind it could be quite costly for you. Be very certain before you enter in to an agreement to purchase a house. Good luck to you :)
About 11 years ago
Exactly. Just depends on where you are in the offering/acceptance process. =)
About 11 years ago
If you terminate your offer prior to it being accepted, you lose nothing. Most foreclosures,depending on the contract, have an inspection period of 7 days and again, if you terminate during this period, you will lose nothing. If it's past the inspection period, you will lose your earnest money. Always be sure you have an inspection period in the corporate adddenda as the addenda will overide the TREC promugated contract. I hope this helps.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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