You just found a home that you're so excited about that it makes your slap you husband. You guys are stoked! You submit an offer through your buyers agent and wait for a response from the Listing Agent.
24 hours later...
Oh my gosh. You just found an even more exciting home! This time your husband lets you tackle him in the living room of the house that you are REALLY REALLY in love with!
But what about that "other" offer? How do you walk away? Or can you? Do you have to fill out paperwork, pay a fine or plead your case?
No. The only thing IN TEXAS that you have to do is simply notify the other agent by either email, text or phone call. It's polite to have a discussion and explain why.... that way the seller can have some closure as to why. Once upon a time a listing agent here in Texas got so mad that my buyer backed out of "an offer" that he demanded the earnest money so he could cycle it through the title company ... punishment slash retribution for getting him and his seller all excited for nothing. I wish I could have assessed fines for this when I was single.
I had to educate the other agent that he and his seller had ZERO right to my buyers option fee money and/or earnest money. An offer isn't binding. An executed contract IS. Executed means the seller has signed the offer. Other parts of the country use different terminology for different things, even though they might mean the same thing. In Texas we "close" on houses, in some states they "have settlements."
Every state is different. Do not back out of a contract and then site Greg Nino as the guy who said you can get your money back. I could be wrong if you live in Puerto Rico, Ohio or California. Contact a local attorney or Realtor for clarity.
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Thank goodness it is that easy in the state of TX how many times have we experienced this same scenario?
Another good reason to stop shopping once you've placed an offer huh? What a nightmare.
It is shocking to see him ask for earnest money and option money when its not even executed!! Where did he take his RE classes? You are so right, that is not how its done in TX. Thanks for the nice post!
:)
An offer is just that... an offer. Until it's accepted, and signed by both parties... it remains an offer and can be withdrawn at the drop of a ten-gallon hat.
I'm not a big fan of continuing looking at houses while waiting on an offer and/or negotiating. Can end up a cluster.
I like that little joke you hid in the middle there. Made me laugh out loud! Have a great day.
In California, even an executed contract has a 3-day right of recission where the buyer can cancel the contract without losing their deposit. If they're within the contingency periods, they can use those as well. But for a change of heart, they have 3 days here.
LOL...assessing fines when you were single...hahahah...you're a witty guy!
Like the others said, great joke! If the sellers were "all excited" they should have accepted the offer.
Nope, you are right. California is with you on this one. In fact, I do believe there is a 3-day right of recission, isn't there on any contract. And, we have 3 days here to get the money into escrow after the contract is signed (probably something to do with the 3 days) and if it isn't in, and you change you mind, then the seller can do nothing.
Should be a good lesson to the sellers not to drag their feet about signing an offer.
I love that you bring up great topics for consumers to understand! WTG Nino!
No three-day-right-of-recision in Illinois (although we do have a five-day attorney review that can accomplish almost the same thing).
"... punishment slash retribution for getting him and his seller all excited for nothing. I wish I could have assessed fines for this when I was single."
*dabbing my eyes*
That is seriously hilarious!
I too just recently hadbuyers rescend an OFFER. No harm no foul and the listing agent was thankfully more than understanding. Phew!