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A buyer signed a sales agreement sheet as an offer on a

a buyer signed a sales agreement sheet as an offer on a house. it was contingent on cesspool inspection and house inspection. The offer was initially passed up for a higher bid which 2 weeks later flopped out. now this buyer is the backup offer and the agent called. the buyer wanted to pay for an in-depth cesspool inspection which the owner ultimately agreed to but said they wanted to talk to the attorney about it first .the deal also calls for the old owner holding over 3 months after the closing for free. as a result of all the back and forth the buyer is getting cold feet. he thinks the owner talking to the attorney about the cesspool test may be a warning sign of hidden issues. He also feels he did everything right to help the deal and the owner may go to his lawyer on issues in the holdover period as he is demonstrating now.the sales agreement says its a binding contract if the owner signs it, but it is not. should the buyer walk away from this deal if he is skeptical or does he have to proceed?

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legalgems

Juris Doctorate

18,134 satisfied customers
I'm buying a restaurant... is it common practice...once the

I'm buying a restaurant... is it common practice...once the deposit is made that the seller can accept offers until the close of the deal?

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Lucy, Esq.

Juris Doctor

33,546 satisfied customers
Nevada Property Law: I have a RPA which was signed on 11/19,

Nevada Property Law: I have a RPA which was signed on 11/19, with a a 30 day loan contingency. Due to the appraisal, the purchase price was renegotiated and we signed an amendment on 12/09. On 1/6 my lender is seeking an extension. The seller's agent is suggesting that seller may not approve the extension and that I will lose my EMD since more than 30 days have elapsed. My argument is that the amendment with the new purchase price, extends the loan contingency to 30 days from the amendment, or 1/09. Am I correct? Or am I hosed?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

53,176 satisfied customers
Is purchase contract legally binding if both buyer and

Is purchase contract legally binding if both buyer and seller miss acceptance times but both parties sign all documents with intent to complete transaction. Then one party wants to back out using the technicality of missed acceptance deadlines. Is contract binding?JA: Where is the property located?Customer: Glendale, AZJA: Has any paperwork been filed?Customer: All paperwork completed, BINSR completed, awaiting appraisal. Sellers dragging feet to allow appraisal in hopes of finding a way out of the deal through a possible loophole. Deal was based upon a contingency; seller received backup offer at higher price and served notice to buyer to remove contingency in hopes they would cancel. Much to their surprise, buyer was able to remove contingency. This is the crux of seller's hostility toward the deal.JA: Anything else you want the lawyer to know before I connect you?Customer: COE is Dec 6. Because both parties fully signed all documents, does intent overrule the technicality of missed acceptance times/dates. Thank you!

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Asad Rahman

Attorney

J.D.

4,664 satisfied customers
I got into a contract with someone who is purchasing a house

I got into a contract with someone who is purchasing a house to do a same day flip.It's been seven months since I signed the original contract and has since expired. HIS original agreement was for $110k, which the bank denied and asked for $150k. He's not going to pay that (or anywhere close to that).... I submitted a back up offer to the listing agent, who I have been in communication with for months, trying to get this closed. He found out I submitted a back up offer and just called my realtor to tell me to 'back off, or give him $2k because he would tie the sale up in litigation'.This individual doesn't understand the law like a Dolphin doesn't understand English... so I am curious what legal remedies I may have to get his contract cancelled due to non-response on a counter offer (which he wont make) or to see if somehow there are any loopholes regarding my backup offer (which is $20k more than his) being accepted and his being denied... are there any Florida laws that require a response in a certain amount of time?

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RealEstateAnswer

Juris Doctor

35,970 satisfied customers
We are buying a home, according to the contract the escrow

Hi, we are buying a home, according to the contract the escrow date is June 22nd, according to the bank (Wells Fargo), they will fund the mortgage on June 23rd (1 day delay).The sellers agent sent addendum saying that the seller doesn't believe it will be completed and asks for additional 20,000$.On June 19th, he also sent a notice (Notice to buyer to perform), on the contingency section he checked column H - Close the escrow, which we didn't sign.I'd like to mention that during all the time between the sign till now, I asked the bank agent if we are expecting any delays, and got a written reply that we are on track and no delays expected.Only on June 19th, we got a call from our real estate agent saying that we will not meet the deadline on time.I'd like to understand my options at the moment, can the seller ask for additional $20,000 dollar for one day delay?Am I going to lose the house along with my deposit?Please advise.Thanks,Dror

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39,598 satisfied customers
I found the house I want, but it now has a pending offer. My

I found the house I want, but it now has a pending offer. My realtor does not want to make a backup offer for me. I have an accepted off on another house, but I like this one better (and I can pay cash!). What scan I do? This house is move-in ready, the I have an accepted offer on one needs a lot of work (but is less $)... I'd rather have the 2nd one I found (with the "pending" offer...

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Loren

Juris Doctor

43,546 satisfied customers
Aloha, recently I made an offer residential property

Aloha, recently I made an offer for a residential property for the asking price which included all furnishings and new appliances the offer had an escalation clause up to $12k over the asking price in $1k increments above any bid higher than mine. After review of my bid the an agent within the sellers agency made a bid for the asking price less the some percentage of the 5%commission and that bid was accepted by the seller. I was told by the sellers agent that the other offer was accepted because the down payment was higher. I did not know that the sellers agent was acting as a dual agent nor was my agent informed, as he stated he would have offered a similar discount on his commision to the seller to remain competitive! Once I received the backup contract I also noted that the sellers agent removed the furnishings and appliances from the inclusions from. my offer that were listed in the MLS listing. At no time did the sellers agent make us aware that she was listing was dual agency, it did not on the MLS listing. My question is is it legal in Hawaii for an agent or agency to have such an advantage without disclosing it? I feel the competition was unfair, and the sellers agency was given an unfair advantage because they had knowledge of my offer that typically no other competitors would have so they would know exactly how much to offer the seller off their agency commission. In some ways I feel as if I am being discrimated against. First with the initial offer and then in the backup offer because the sellers agent removed items that were inclusions in the MLS listing. Do I have any recourse?

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Ely

Counselor at Law

Juris Doctor

69,102 satisfied customers
My husband and I are in the process of buying a home we

Hi,My husband and I are in the process of buying a home we were scheduled to close on 4/2/16. My husband is getting a loan on the home with US Bank and they have bumbled this up incredibly. First they requested another week to close, and the sellers signed an addendum agreeing to this. 4/9/16 was our new closing date and since it is on a Saturday, this made it the latest contractual date to close on Monday 4/11/16.Continual bumbles on US Bank's part have sent the loan back to the drawing board now for the 3rd time and the lender's latest request date to close is after the last contractual date to close.We have 15K down on the house and the sellers have a back-up offer equal to our contract amount. Judging by the sellers past actions, I would not be surprised if they exercised their right to keep our down payment because we broke the contract by not closing on time.Fast forward a few minutes and after dealing with management at US Bank, they have just recounted and said we can close on time. I am afraid they may not get it right and am leaning to close with cash on time in order to stay in compliance with our contract with the sellers.1) If we close cash on 4/11 (the last day to close) Are we obligated to pay US Bank for all their work and reimburse them for the survey, appraisal, etc?They have really bumbled and it because of their errors that this has happened.2) If we trust US Bank to close on the 11th, and they bumble again and we don't close, and the sellers keep our 15K, do we have any recourse against anybody to get our investment back?We are buying in unincorporated Martin County, FL.

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Ray

Lawyer

Doctoral Degree

42,574 satisfied customers
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