Pat Starnes Snippets: November 2015

If I Make a Change to the Contract, Will it Still Be Valid?

Accept or Refuse ButtonsOne day last week, I presented an offer to purchase a home in the Brandon MS area on behalf of my buyer. 

After several tense days of negotiating, we received confirmation of an accepted contract. But upon review of the sales agreement, I noticed the seller made a change to the offer that was not conveyed to me or the buyer.

So, do we have a contract?

The price is agreed upon, the closing costs and inspection addendum has been negotiated,  and the closing date is acceptable to both parties. But this ONE LITTLE CHANGE without the knowledge and consent of the buyer invalidated our contract.

If ANY change is made to an offer that has not been ratified by ALL parties, you do NOT have a meeting of the minds.  Until the buyers and sellers agree to ALL TERMS, you only have an offer.

In other words, you have REJECTED the offer on the table. 

Making a change to an offer creates a counteroffer, which can be accepted, rejected, or countered again.

Some buyers may think that a house is on "hold" while they are negotiating. This is a common misconception, but completely inaccurate. Until you have a signed contract with all terms and conditions properly addressed, another offer could be submitted and the seller would be within their rights to accept or negotiate with another party. Simply making an offer does not give the buyer an advantage over other offers, nor does it reduce the sellers bargaining position.

In the end, the issue was resolved, and this sale is moving toward closing.

 

If I Make a Change to the Contract, Will it Still be Valid?

 

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Written and Published by Pat Starnes REALTOR

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Pat specializes in Residential and New Home Sales 

Primary Service Area:

Brandon, Pearl, Ridgeland, Flowood, Madison and the Ross Barnett Reservoir area

 Pat Starnes, Broker Associate

Front Gate Real Estate, 6700 Old Canton Rd., Suite C

Ridgeland, MS 39157

601-991-2900 - Office

601-278-4513 - Cell

 

Recent Blog Posts by Pat Starnes:

 

Greenfield Station in Brandon MS Continues to Grow

Six Easy Tips to Save Money on Your Home Inspection

Should You Consult a Realtor When Buying New Construction?

Homes for Sale in Scottish Hills ~ Brandon MS 39047

Homes for Sale in Hidden Hills Subdivision, Brandon, MS 39047

Homes for Sale in Castlewoods Subdivision, Brandon, MS 39047

Gardens of Manship Neighborhood Information - Brandon, MS 39047

 

Are you looking to buy or sell a home in the Brandon MS market? Call me!

Comment balloon 13 commentsPat Starnes-Front Gate Realty • November 11 2015 10:28AM
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