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Buying or Selling a Home/Pull Out of Probate Sale
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Question
I put an offer on a probate sale. The offer was rejected on the 15th day by one of the heirs and is now subject to court confirmation. Given our economic climate, I can't guarantee I will be able to get a loan to buy the house if I wait for a court date three months down the road nor do I want to remain hostage if I find another property that I'd like to purchase. I find it pretty bizarre that someone would reject an offer that was the asking price. It's not like they have another offer on the table. Can I just pull out of the deal?
Keep this in mind now and in the future, Tony: The buyer, the offerer may cancel, negate or pull out of any offer that has not already been accepted by the seller. Period.
Just advise the agent for the seller or the seller that you are no longer interested and please release your deposit (if you did submit one). Put the cancelation in writing. Be sure you get a signature that they have acknowledged the cancellation. Something else you should know about real estate: If it is not in writing, it was never said. Simple as all that, Tony. I wish you well.
Dick Dennis
dixiedee13@aol.com
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Great advise, simple and clear! The emotions and ignorance where and how liability rests, often cloud the business objective and you forget about the fundamentals. Thank you Dennis! | ||
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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