Expert: Dick Dennis - 11/10/2009

Question
An offer has been accepted on my home with a home inspection contingency.  I have the right to cure and accepted to pay up to $500 in repairs. I received a phone call last night from my realtor verbally telling me what needs to be taken care of. Oh and they changed their offer to $70,000.  Can they do this after a price was agreed upon?

Answer
I don' think too much of your Realtor, Shannon. He/she should know that he price cannot be changed without the signature of all parties to the transaction. However, if you replied to the buyer's offer with ANY KIND of WRITTEN and signed reply, then that could be construed as your counteroffer. In that case, the $70,000 is valid . . . if it is in WRITING AND SIGNED by the buyer. Your Realtor should have explained all this to you, and/or should have made sure the buyer didn't try to pull anything.

Upon the home inspection, the buyer apparently saw something about the house that made him think the value of the house is less, which is why he made that lower offer. BUT IT HAS TO BE IN WRITING AS AN ADDITIONAL COUNTEROFFER. Somebody has to bring you and the buyer together in this transaction, because I can tell it ain't your Realtor. I do wish you well.

Dick Dennis
dixiedee13@aol.com