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Message
re: Real Estate Law Question
Posted on 12/7/08 at 9:52 pm to WikiTiger
Posted on 12/7/08 at 9:52 pm to WikiTiger
quote:
We are represented by our own realtor. She is the one that said they are allowed to do this. Even if it is legal, it still rubs me the wrong way and kind of pisses me off. I'm thinking about just getting up and walking away from this deal and moving on. There are way too many deals to be had right now, no point in getting worked up over one.
Unless there is verbiage in the contract stating that acceptance is predicated on both the bank & the seller accepting it, then you can walk away without losing your deposit or being sued for specific performance or damages. (I'm making the assumption that you're using the standard La. purchase agreement.) If there has not been a clause added dealing with the aforementioned acceptance by both parties & they're shopping it to other buyers then it sounds like you're wasting your time trying to stay in the deal. Short sales can take up to 8 months & they could probably generate quite a few offers during that span that will be higher than yours. In closing, I'd walk away.
1
Posted on 12/8/08 at 12:05 pm to bendellee
quote:
Bump this Monday with the specific state. I'm curious enough about this to see if I can find out.
Idaho
Posted on 12/8/08 at 12:06 pm to chopsigep
quote:
Unless there is verbiage in the contract stating that acceptance is predicated on both the bank & the seller accepting it, then you can walk away without losing your deposit or being sued for specific performance or damages. (I'm making the assumption that you're using the standard La. purchase agreement.) If there has not been a clause added dealing with the aforementioned acceptance by both parties & they're shopping it to other buyers then it sounds like you're wasting your time trying to stay in the deal. Short sales can take up to 8 months & they could probably generate quite a few offers during that span that will be higher than yours. In closing, I'd walk away.
We made sure that we could walk away at any time without losing our money. And we decided that we are going to do just that. Thanks to all who responded!
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