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Tine73
Member since 3/06 22093 total posts
Name:
*********
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When you place an offer...
At what point can you back out?
We placed an offer on a house yesterday and we are waiting for a counter offer. Obviously we know we do not have to offer more and the deal would be done, but let's say we counter offered.
When is that latest point we can back out - after the inspection?
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Posted 10/31/06 10:51 AM  |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: When you place an offer...
you can back out whenever you want. Until contract is fully executed. We put offers on houses then we went home slept on it and withdrew the next day
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| Posted 10/31/06 10:53 AM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: When you place an offer...
Posted by belladi
you can back out whenever you want. Until contract is fully executed. We put offers on houses then we went home slept on it and withdrew the next day
Then why do we have to sign a binder?
I thought after you sign a binder it is tough to get out of it then
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| Posted 10/31/06 11:00 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: When you place an offer...
Thanks - I am not 100% about the house and having cold feet I think!
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| Posted 10/31/06 11:00 AM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: When you place an offer...
Posted by Marcie
Posted by belladi
you can back out whenever you want. Until contract is fully executed. We put offers on houses then we went home slept on it and withdrew the next day
Then why do we have to sign a binder?
I thought after you sign a binder it is tough to get out of it then
A binder really means nothing. The seller can keep the nominal $ you give with the binder, but it's not a legal document.
You can back out any time until contracts are signed by both parties. Even then, you could potentially back out, but lose your deposit.
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| Posted 10/31/06 12:50 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: When you place an offer...
Posted by ODonnell
Posted by Marcie
Posted by belladi
you can back out whenever you want. Until contract is fully executed. We put offers on houses then we went home slept on it and withdrew the next day
Then why do we have to sign a binder?
I thought after you sign a binder it is tough to get out of it then
A binder really means nothing. The seller can keep the nominal $ you give with the binder, but it's not a legal document.
You can back out any time until contracts are signed by both parties. Even then, you could potentially back out, but lose your deposit.
exactly
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| Posted 10/31/06 1:15 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: When you place an offer...
in essence, a binder means diddly squat! that's why i never have buyers sign one. it only means the seller stays with your offer and any others that come in are a back up. you can withdraw an offer anytime you want until you sign the contracts.
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| Posted 10/31/06 3:45 PM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: When you place an offer...
Oh - thanks!
I thought it meant something - cause people have to sign it in some cases
Thanks for the info 
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| Posted 10/31/06 3:46 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: When you place an offer...
I backed out of one house after I got a not-so-great engineer's report. You can wait until the moment you're about to sign a contract to back out. But....the seller can also accept an offer from someone else until that point too.
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| Posted 11/3/06 9:32 AM |
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