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