Waiting for seller to accept offer

[Candice30]

Put in offer 36 hrs ago...no response. How will I ever make it thru 60 day process if I'm this stressed??

 

[magicaldisney]

This is the easiest of the waits. ROFR is the worst!!

 

[DVC Jen]

Ugh. That stinks. Our seller responded pretty quickly.

 

[Candice30]

Yeah I was looking over everyone's posted timelines and most seem to be same day or next day. On day 2 now. Ugh!

 

[AppleDisneyDad]

Yeah I was looking over everyone's posted timelines and most seem to be same day or next day. On day 2 now. Ugh!

You are not stuck waiting. If there is another contract that is equal or better, rescind your first offer and place an offer on the second. I believe you technically wouldn't have to even rescind your first offer, although it is the polite thing to do.

 

[JimMIA]

What does the broker say? That's really the question here. What was the seller's response?

If you decide to withdraw your offer -- as you have every right to do -- I would certainly clearly withdraw it in writing, by email, or however you submitted the offer. It's not just a courtesy; you could have some exposure if the seller accepts but you've decided not to proceed, but haven't told anyone.

 

[Candice30]

Haven't even heard boo from agent. Now I wander if he even submitted my offer to the seller. Guess I'll call on Monday.

 

[JimMIA]

Haven't even heard boo from agent. Now I wander if he even submitted my offer to the seller. Guess I'll call on Monday.

Sometimes there are legitimate reasons why things go slowly. The seller may be unavailable. If it's Fidelity you're dealing with, they are closed on the weekend, so nothing would happen.

I would call the agent you are dealing with Monday morning and ask what's going on.

 

[JimMIA]

duplicate, please delete.

 

[AppleDisneyDad]

What does the broker say? That's really the question here. What was the seller's response? If you decide to withdraw your offer -- as you have every right to do -- I would certainly clearly withdraw it in writing, by email, or however you submitted the offer. It's not just a courtesy; you could have some exposure if the seller accepts but you've decided not to proceed, but haven't told anyone.

Jim, could you explain the exposure please? I believe FL law allows either party to back out for the first 10 days with no penalty or am I misremembering that tidbit from when I bought the last couple times. (and way back from contract law, I thought money or some benefit had to change hands before a contract became enforceable or the seller would have to prove loss or some such.... I am too lazy to go see if I still have that textbook... Preseason football coma...)

 

[JimMIA]

Jim, could you explain the exposure please? I believe FL law allows either party to back out for the first 10 days with no penalty or am I misremembering that tidbit from when I bought the last couple times. (and way back from contract law, I thought money or some benefit had to change hands before a contract became enforceable or the seller would have to prove loss or some such.... I am too lazy to go see if I still have that textbook... Preseason football coma...)

Now that I think it through, I think you are right. I was thinking about it from the seller's perspective -- a seller could have an obligation for the commission in certain circumstances.

However, it still makes sense to formally withdraw as a courtesy to the broker she's working with -- if, in fact, that's what she decides to do.

 

[AppleDisneyDad]

Now that I think it through, I think you are right. I was thinking about it from the seller's perspective -- a seller could have an obligation for the commission in certain circumstances. However, it still makes sense to formally withdraw as a courtesy to the broker she's working with -- if, in fact, that's what she decides to do.

Thanks. I am always trying to learn... I wouldn't want to put myself or anyone else in a bad spot. This is not my area of expertise so I am more than willing to believe I've got something wrong. (Probably more than a couple things...)

 

[lawboy2001]

Jim, could you explain the exposure please? I believe FL law allows either party to back out for the first 10 days with no penalty or am I misremembering that tidbit from when I bought the last couple times. (and way back from contract law, I thought money or some benefit had to change hands before a contract became enforceable or the seller would have to prove loss or some such.... I am too lazy to go see if I still have that textbook... Preseason football coma...)

I don't know the specifics of Florida law, but in general, no, money doesn't have to change hands for a contract to be enforceable. In your scenario, you have an enforceable contract once the seller accepts the offer. Your 'exposure' in that case would be very slight though. If you refused to go ahead with the purchase, the seller would sell to someone else, and could only claim against you for the difference between what you offered to pay and what s/he ended up getting for it. The amount of money involved would probably be less than it would cost for the seller to have a lawyer draft a demand letter, so I don't think legal pushback should be of any concern.

And re the 10 day cooling off period, I thought that that benefit only applied when you purchase from a developer but now that you mention it, I recall seeing that term on resale contacts I've purchased as well...