Can I Take Back My Offer on a Home? Richmond VA Real Estate
Posted by Shannon Milligan on Saturday, September 13, 2014 at 12:00 AM By Shannon Milligan / September 13, 2014 Comment
Can I Take Back My Offer on a Home? Richmond VA Real EstateCan I Take Back My Offer on a Home? Richmond VA Real Estate - Buyer's remorse is very common, especially when it involves a large sum of money. Before making an offer to purchase a home you need to make sure you are 100% committed to home ownership. After all, a real estate contract is a legally binding agreement and should be taken seriously. With that said, many ask, "Can I take back my offer on a home?" The answer is YES here in the Richmond VA area.
How Can I Rescind My Offer on a House?Once you make an offer you can rescind, or withdraw, that offer anytime before the other side accepts. For example, your Richmond VA Realtor submitted the contract at 9am Friday morning with an acceptance deadline of 9pm that same day. At 11am you get a BAD case of buyer's remorse. Immediately call your agent and they can inform the other agent, in writing, that you have elected to withdraw the offer. If the other side has not yet agreed to the terms and has not signed, you are now back to your original position - not contractually obligated.
Can I Change My Mind on the Home Inspection Addendum?Let's say all parties have had a meeting of the minds and the contract is ratified. (Meaning you are under contract) There are certain contingencies that have to be met to proceed to closing. One of those is the home inspection, which has a negotiation deadline. Once you submit your repair request, or a seller submits their counter to a request, either party can change those terms at any time as this is viewed as another offer. Several months ago I represented a buyer and I submitted their home inspection addendum which outlined the repairs they were requesting be made my the seller. The listing agent quickly sent me the seller's counter offer. My buyer was reviewing the counter but just before she could sign and agree to the terms, the listing agent sent me an email stating the seller wished to withdraw his first counter and sent me a new counter with a new set of terms. As it turns out, the seller realized they didn't have the funds to fix all of the items they had offered in the first addendum. Since we had not had a meeting of the minds on the home inspection contingency, they were allowed to change the terms even though my client was ABOUT to sign. Like it or not, the seller had the right to withdraw their first offer of repairs. Just as my client had the right to not accept it and submit their new request for repairs.
Time is of the Essence in Richmond VA Real EstateSeeing an offer can be withdrawn at any time prior to acceptance, it is important for buyers and sellers to understand that time is of the essence in Richmond VA real estate. The longer you take to think about things, the more time the other side has to change their mind or withdraw. No one should ever rush to make a decision so I offer the following advice: *Sellers, you need to have a clear understanding of your budget before you even list your property on the Richmond VA real estate market. A good agent will provide you with a Net Sheet outlining the costs you may incur. In addition to those costs, think ahead and budget for any repairs that may be requested after the home inspection. ALL homes will have SOMETHING that needs repaired. If you are pinching pennies, this is imperative. *Buyers, BEFORE you submit an offer to purchase a home be sure the property is for you. Better yet, make sure home ownership is for you. I liken withdrawing an offer because of cold feet to leaving the bride at the alter. It isn't a pleasant experience for any of the parties involved. *Buyer's, know your bottom line - before you submit your offer, know where you will draw the line in the sand. This comes down to having a budget prepared before you pull the trigger. *Have good sportsmanship. The truth of the matter is both buyers and sellers have the same goal - a successful real estate transaction. In this "game", there should be no losers. This is not No Holds Barred, not a brawling competition. There should only be a win-win, with both sides walking away feeling good about their purchase and their sale.
Richmond VA Real Estate AgentAre you ready to explore your options in the real estate market? Need a knowledgeable Richmond VA real estate agent who will coach you to a win-win? Contact me, Shannon Milligan at the RVA Home Team with Keller Williams Realty, today!
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