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Joshua | Buyer makes an offer on a house. Seller makes a counter offer. Now...? |
Now At this break, we decided we REALLY don't want this property anymore. We want to just reject the counter offer the Seller made and say "We're done." Our real estate agent tells us they COULD go back to the original offer if we reject this counter offer and hold us to that contract. Is this true?
Additional Details
Already I've heard a couple different answers. I live in Wisconsin, I'm not sure if laws are different state to state. |
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carolinesimmons
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No, you are not bound by the contract. As others have stated, once the contract is countered, the ball is back in your court to accept or reject.
Your Agent should be working on your behalf if your signed an EXCLUSIVE BUYERS BROKERAGE AGREEMENT, and it appears they are not. This agreement states they represent you and are looking out for your best interests. If you haven't signed an agreement and/or working with the agent who's name appears on the sign in the seller's yard -- they aren't your agent and have no duty to your best interest (contractually).
You may want to contact the Real Estate Commission in your state to obtain the most concise answer, but here in GA if the seller counters, the buyer than can accept or reject the offer -- or the seller can send a cancellation of offer and all contracts are void.
______________________________________...
CAROLINE SIMMONS
REALTOR® & Affordable Housing Specialist
O. 866.894.3601 ~ C. 404.787.8685 ~ F. 404.745.8019
E. caroline@premyiergroup.com
W. http://www.premyiergroup.com |
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frankie59
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Your original offer should have had something on it like an expiration date in 72 hours etc. The counter offer rejects your first offer and you are not bound by it. Your real estate agent knows all this and is lying to you, report him/her to the real estate licensing agents as she is doing frauds with buyers. Get an honest agent/broker. Report this broker also for hiring this agent. |
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lindawillsell
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As an agent, I would tell you to call your agent's Broker. In my experience, you are in no way obligated to anything. The whole goal is to negotiate until everyone agrees in writing and then, and only then, you are "under contract." Up until that time, you retain the right to withdraw your offer. If that's the case, then your agent needs to fax the first page of your contract to the listing agent with a big "Withdrawn" written across it and a simple letter stating that you are hereby withdrawing your offer on the property. (I say fax b/c it's easy to obtain confirmation of receipt but it needs to be an acceptable form of communication per your contract) If you are working with the listing agent, then like Caroline said, you need to make yourself very clear and make sure you have copies of everything you ever signed. It may be a good idea to send your instructions/request to your agent in writing also and send a copy to your agent's Broker. Best wishes! |
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sunshine_today
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Once the seller counter-offers, you are no longer held to your original bid and you can reject that counter offer and walk. You could stick to your original offer (re-offer it), but if you want off the hook totally, just reject it because once they rejected it by virtue of their counter-offer, you are not obligated. When they counter offer that is a rejection of what you offered. You might have more negotiating power by rejecting outright and maybe even offering less than what you originally offered at some point down the road.
Your agent doesn't sound like they are giving you all the facts, maybe they are too focused on closing the deal and getting their commission. |
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But_Ugly
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Sounds to me like you have a Real Estate Agent who is desperate for a Sale.
Almost all states have legal web sites where you can get free legal advice on simple matters. If not the free advise then look up the laws that pertain to your problem.
OR, you can call a Real Estate Lawyer and ask him.
NEVER BELIEVE A REAL ESTATE AGENT! THEY WOULD LIE TO THEIR MOTHER TO MAKE A SALE. ALWAYS PUT THEM IN THE SAME CATAGORY AS A POLITITION. |
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Princess
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Not under the law. By making a counter-offer, the seller has rejected your initial offer. Just walk away. |
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HMMMMMM
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Call your agents Broker.
The agent is 100% wrong in every state. You are no longer bound by the original offer. |
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mr80005
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Technically they could. But they only have a limited number of days to respond. Ask your dizzy realtor how many days the contract states they have? The clock starts at the original offer. Realtors are scum and they will do ANYTHING to close a deal. Be informed as to what the contract says. |
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wildcat03820
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As soon as the seller rejected the first offer, the initial offer is null and void.
They cannot hold you to that offer as it is no longer valid.
Good Luck. |
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don s
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You need another agent, you do not have to respond to the counter offer. Quite often this happens after you have time to think about the transaction. They can not go back to the origional offer because the seller did not accept it. |
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king of nowhere
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Yes, it's your property until the missives are signed. If you change your mind then, then there could be legal penalties |
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steve p
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yes |
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kgoheen@sbcglobal.net
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Your agent is trying to scare you into signing the original offer - probably so he/she can get a commission. The SECOND the counter offer was received by your agent and communicated to you, the original offer became NULL AND VOID. This is basic contract law. If you reject their counter offer, you are done - for the same reason the original offer is no longer valid. Just put it in writing to make sure. Your agent should have a form for this - if he/she won't provide you one, just write a simple letter. While you're at it, fire your worthless agent too (and put that in writing as well). |
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