Top of the morning!

[Paul65K]

I'm confused, you got a full price offer, if you accepted it, all I see is a breach. Did you accept it? Once you accept it, if they rescind its not just "oh well we changed our mind who cares if you made decisions based on our agreement"


Sent from my Bat Cave

Absolutely true in the legal sense of the issue....unfortunately all they have to do is say "after further inspection of the property we have decided to exercise our option to cancel within the specified number of days as called out in the purchase agreement"............it sucks but likely the way it could go...........then there's the clause in the purchase agreement that states if the buyer is unable to complete acceptable financing within 3 days of the close they will notify the seller and the seller shall direct the earnest money deposit to be completely refunded without prejudice......or something to that effect.

Not trying to school YOU in the legal ramifications as you are certainly more expert than I in these matters but there are more escape clauses in the standard Real Estate purchase forms than you'd see on a remake of the Titanic

[Eli]

Absolutely true in the legal sense of the issue....unfortunately all they have to do is say "after further inspection of the property we have decided to exercise our option to cancel within the specified number of day as called out in the purchase agreement"............it sucks but likely the way it could go...........then there's the clause in the purchase agreement that states is the buyer is unable to complete acceptable financing within 3 days of the close they will notify the seller and the seller shall direct the earnest money deposit to be completely refunded without prejudice......or something to that effect.

Not trying to school YOU in the legal ramifications as you are certainly more expert than I in these matters but there are more escape clauses in the standard Real Estate purchase forms than you'd see on a remake of the Titanic

Thanks! I knew I was missing something. That makes perfect sense. While contract law has its concepts it's the actual contract that dictates.

So what you're saying is 314joey had great advice...don't count your money in a real estate sale until the check is in your hands.



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[Paul65K]

So what you're saying is 314joey had great advice...don't count your money in a real estate sale until the check is in your hands.



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Truer words have never been spoken

[ChumpChange]

So what you're saying is 314joey had great advice...don't count your money in a real estate sale until the check is in your hands.

Sent from my Bat Cave

A check in your hand can still have a stop payment placed on it. Wait until it's cleared.

[Eli]

A check in your hand can still have a stop payment placed on it. Wait until it's cleared.

So true and a wire transfer can be reversed. Just to be safe wait until the money is credited to your account then transfer it. 😉



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[djunkie]

So true and a wire transfer can be reversed. Just to be safe wait until the money is credited to your account then transfer it. 😉



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I prefer to wait till the check is cashed, the money is in my hand, then blown on shit I don't really need. 😄😄

[Eli]

I prefer to wait till the check is cashed, the money is in my hand, then blown on shit I don't really need. 😄😄

That's the way to do it!!


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[riverrunner1984]

Well just got off the phone with my agent.
He said the people are going to sign the acceptance tonight and send it to us....We shall see.....Like Paul said this may not be the last time they lie.
Anyways we are keeping our fingers crossed.

[ChumpChange]

So true and a wire transfer can be reversed. Just to be safe wait until the money is credited to your account then transfer it. 

Sent from my Bat Cave

A wire cannot be reversed. Once sent from the bank, it's gone and not even the bank can get it back.

[Eli]

A wire cannot be reversed. Once sent from the bank, it's gone and not even the bank can get it back.

Oh ...I only thought you could bc I did it once last summer, but I'm sure there was a technical issue that allowed it that I wasn't aware of. Phew.

Now, I'm hoping it was my crossed arms and blinking that worked bc right now there are a few things I think cannot happen that I'd like to make happen RIGHT NOW!


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