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CARCAR | Offer on a house in ny- can we counter offer our first offer after it was accepted? |
we offered 500K on a 505K condo in brooklyn with 50% off transfer taxes and it was accepted. we hadn't done all the research we should have and now want to go back and offer less than what we originally did- through our lawyer that is. can this be done?
Additional Details
We did Not sign a contract!!!!! |
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almostfamous
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no hun sorry you cannot counter your own offer |
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aqua_rius2001
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No, you cannot counter your own offer. A contract has two basic components...an offer and an acceptance. Once those two are accomplished, a contract is formed. Contracts, as you know, are binding. Now, unless you and the seller both agree to cancel the original contract to form a new one, you are pretty much stuck. However, if your contract has an option period to which you are able to back out of the deal, and you are still within that option period...give it a whirl and see. (Keep in mind you may lose your earnest money). I doubt if they will agree to accept any new offer, especially if it leaves them at the short end of the stick. Talk to your broker. |
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godged
 |
If you signed a offer to purchase real estate, you signed a contract and once the seller accepted, you are bound by the terms of the agreement. You can try to change the terms now through an amendment, but I wouldn't expect the seller to accept.
EDIT: If you didn't sign a offer to purchase real estate, you didn't make an offer. Verbal agreements are not enforceable to transact real estate. |
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frak1a12345
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Doesn't sound like it unless you have some contingency clause that you can use to get out of it. |
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monicanena
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Ha, no. |
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scarlettrhett
 |
Why haven't you talked to your lawyer? That's what he gets paid for. I believe if you found something wrong with the property you may be entitled to negotiate some more. If you just want to offer less. I don't think so, without taking a penalty. |
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Jäger
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If you were working with a Realtor, they should have helped you out a bit better. |
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MSAD
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Nope.
You made the offer and it was accepted. You can't now take that offer off the table and replace it with another. Besides, the seller is not going to take a lessor offer from you when you have already offered 500K.
You can change your mind - but you will forfit your earnest money.
As I see it - your choices are this -- honor the offer you made. Or back out - forfit your earnest money and go find another property.
** not legal advice |
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Expert Realtor
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Not without getting sued. Once it's accepted, it's a done deal.
That is why you call it a contract...b/c it's legally binding. You can't back out anymore than they can.
The only hope you have is if you had an inspection contingency, and try to work at legally getting out of it at that point.
This is why people that are buying houses, at minimum, shouldn't buy the first one without a Realtor...we get paid to do the research for you.
Was the house you bought listed by a Realtor? If it was, then that means you still paid FULL commission that he/she gets to keep 100% of, and didn't have to split it with an agent that otherwise would have represented you.
So basically, you paid the same and didn't get anyone representing your best interests. |
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