Friday, May 25, 2012
What steps should be taken when purchasing a building for sale by owner with cash and no real estate agents?
We called and put in an offer and it has been almost a week since we heard anything. When we bought our home we put in a contract with our agent and they had 24 hours to respond. How do we ensure that we are not being taken advantage of?
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Assuming your offer was in writing, it should have a date for acceptance, which is the date the seller must respond by or you are not longer obligated to the contract. If you offer didn’t contain that then you should notify the seller (in writing) that your offer has been withdrawn. An offer may be withdrawn at any time prior to acceptance. Then submit a new offer with a date for acceptance. The contract should also contain the phrase “time is of the essence.” Tha means all dates are strictly adhered to.
realtor.sailor