Changing terms after acceptance?

[GOOFY D]

Has anyone ever had an issue whereby the seller tried to change the terms after acceptance? I ask because after a 4 day delay in getting the contract to sign (after me pressing for it several times), the agent said the seller wanted more money. This was after all had agreed upon all terms 4 days earlier.

 

[skier_pete]

Until the contract is signed, both sides can in theory change the terms, but I think if this happened to me I would tell them "go soak your head" just on principal.

 

[nalajms]

If the agreed upon price was not the listing price, some agents will keep bringing offers to the seller until the contract is signed by both sides.

That happened to me last year. But it was more of a sellers' market then compared to now.

 

[GOOFY D]

If the agreed upon price was not the listing price, some agents will keep bringing offers to the seller until the contract is signed by both sides.

I would think that would be unethical once an acceptance has been reached.

 

[Lorilais_mommie]

I'm a little lost... Was this after or before money was put in escrow?
Is that why you place a deposit and put it in escrow?
So the details can not be changed, price, points, ect.


I know with fidelity once and agreement is made, they do not even go to the seller with other offers..

The reason I know this is b/c I was going to pay asking price for a contract. when I called in I was told they already expected a lower offer...
We moved on a found another contract we liked.. Wait on ROFR..

 

[GOOFY D]

I'm a little lost... Was this after or before money was put in escrow?
Is that why you place a deposit and put it in escrow?
So the details can not be changed, price, points, ect.


I know with fidelity once and agreement is made, they do not even go to the seller with other offers..

The reason I know this is b/c I was going to pay asking price for a contract. when I called in I was told they already expected a lower offer...
We moved on a found another contract we liked.. Wait on ROFR..

No, no money in escrow as paperwork was delayed 4 days waiting on "information." Buyer and seller emailed acceptance on terms.

 

[Jennasis]

I would tell them to pound sand...then I'd go find a different contract (and likely a different broker too).

 

[supersnoop]

Until it's in writing and signed, it can still be negotiated.

A seller accepted my verbal offer; the broker wrote it up, and I sent in my signed copy and earnest money. The seller took a full 10 days (the maximum before the contract was void) before signing and sending it back. My earnest money wasn't cashed until then.

 

[Lorilais_mommie]

I would tell them to pound sand...then I'd go find a different contract (and likely a different broker too).

2nd this...

Not right to ask for more money.. You had a agreement..

 

[GOOFY D]

Until it's in writing and signed, it can still be negotiated.

A seller accepted my verbal offer; the broker wrote it up, and I sent in my signed copy and earnest money. The seller took a full 10 days (the maximum before the contract was void) before signing and sending it back. My earnest money wasn't cashed until then.

I realize the law is that both sides have 10 days to back out anyway. It just does not seem right to change the terms after the agreement has been reached.

 

[zavandor]

Is it a contract that you really want?
If not, just count-offer with a lower amount than previously agreed. If the seller can increase it, you can certainly decrease it.

 

[disneynutz]

I would walk and not waste any more time.

Bill

 

[chateau]

Is it a contract that you really want? If not, just count-offer with a lower amount than previously agreed. If the seller can increase it, you can certainly decrease it.

I second this.

 

[KAT4DISNEY]

I realize the law is that both sides have 10 days to back out anyway. It just does not seem right to change the terms after the agreement has been reached.

They must allow 10 days for a buyer to rescind the contract. The same does not apply to a seller. But that applies after the signed agreement. Most brokers could attempt to go after the seller for the sales commission if they did not perform on the contract and decided to back out after a signature.

 

[sndral]

Not someone who deserves your time and cash, IMO. Some people think they have you hooked and that they can extort more money - walk away and look for an ethical seller. What will pop up next? A booked vacation they didn't mention, fewer banked or current points than advertised? They can't bring money to the table to close? The seller has demonstrated that they can't be trusted, so I wouldn't do business w/ them.

 

[KAT4DISNEY]

I wonder if they discovered after accepting the offer that they were going to have to come up with extra money to pay off a loan or something like that. It wouldn't be the first time we've heard of that happening.

 

[jmail048]

I would walk and not waste any more time.

Bill

I agree there will be more options in the future

 

[Physics Guy]

Bust a deal, face the wheel!

 

[nabi]

Not someone who deserves your time and cash, IMO. Some people think they have you hooked and that they can extort more money - walk away and look for an ethical seller. What will pop up next? A booked vacation they didn't mention, fewer banked or current points than advertised? They can't bring money to the table to close? The seller has demonstrated that they can't be trusted, so I wouldn't do business w/ them.

i agree. Don't fall in love with a contract, but don't lose it over, say, $100, either.

 

[Dis-n-Pix]

If there is an email of acceptance between the seller and buyer, and the agent was aware of the acceptance, I would say there was a purchase agreement.

As to what I would do... I would either tell them to pound sand or I would drag the negotiations out without no intention of buying. My philosophy being if the seller and agent want to waste my time, I too can follow that course.

I have bought and sold DVC contracts through resale and have had sellers and buyers not understanding the issue of being prompt and open with their intentions/offers.

Ultimately it is in the best interests of all parties involved, especially the agent/business to have the sale go quickly and smoothly.