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If I signed a binding offer for real estate and the buyer backs out. Could the buyer come back later and try to enforce it? .?
I am the seller. I want to be free for other offers
12 Answers
- loanmasteroneLv 74 years agoFavorite Answer
If the current buyer would back out of any contract or offer this would normally be in writing. Once this has been done you are free to accept other offers on your property.
If you are using a real estate agent for this sale transaction,your real estate agent would make sure the proper procedures would be followed.
If you are not using a real estate agent you would want to make sure the buyer sign some form of document
indicating there is no longer any interest.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- Dan BLv 74 years ago
Short answer: No.
Longer answer: Once you and the buyer agree to the selling price and you've both signed the agreement, you must sell and the buyer must buy (there are exceptions). If the buyer backs out in writing, you get to keep the earnest money. If he comes back, he's treated as a new buyer. One advantage of an agent that you employ is they will work to ensure the sale and protect your interests. But if you haven't received any other offers and you really want to sell, you could treat that buyer as if no withdrawal was exercised. It's your option.
- troLv 74 years ago
if the buyer backs out that negates his bid, you should be free to pursue other sales offers
- JudyLv 74 years ago
not if he was the one who backed out. Be sure you have it in writing from him, signed
- Big Deal MakerLv 74 years ago
You will need to talk that over with a realtor in your area. If you do not have one. But since you have accepted an offer you are legally binding to that accepted offer. Until they do their due dilliagance and take the home it then is sold. The only other way would be to take it off the market.
- linkus86Lv 74 years ago
Actually it is possible if the contract doesn't have an expiration date or there was a mutual agreement to void the contract.
- realtor.sailorLv 74 years ago
If the buyer "backs out" pursuant to the terms of the contract make sure both parties sign cancellation and release. Once that's signed the buyer can't come back on you.