How can I get out of a real estate counter-offer that I signed?
This is a sticky one.My understanding of the situation is: The seller sent you a counter offer that included the language you mentioned above stating that you would pay the difference if it under-appraised, and you have signed that offer. It has not yet under-appraised, but you’d like to know, if it did, what your recourse might be, apart from just paying the difference out of pocket.I deal with this situation all the time with buyers, and it’s a complicated one.First, what are your state’s rules about other outs in the contract? In Texas, we have something called an option period, during which a buyer can exit the contract for any reason or no reason. (It’s awesome. You should buy property in Texas.) It’s usually about 7 days. I recommend that the buyers order their appraisal immediately, and we ask the lender to rush the appraisal, with the expectation we’ll get it back while we’re still in option period. Then, if the home does under-appraise by more than they are willing to pay, they just exit on option. Nice, clean, legal.I would think every state has some kind of inspection and repair clause, but I couldn’t tell you how this might work outside of Texas. Find out from your Realtor how it works in your state. Speaking of which, if you’re undertaking a complicated home purchase like this, I hope you’re using a good Realtor!Outside of option period in Texas, the buyer’s ability to exit the contract gets much grayer and carries more legal liability. You need to be able to make a reasonable argument that you’re exiting the contract for the reason you say you are. So, for example, could you get out on buyer credit approval? Maybe, but you’re asking the lender to basically bluff for you and hoping the seller doesn’t ask too many questions. Could you get out on your title commitment clause? Could you refuse to close if the seller asks to move the closing date one day out or asks to make some other minor revision to the contract? Or could you terminate based on the HOA or condo docs? Yes to all of the above, but if you’re really terminating over appraisal, but you claim to be terminating over something else, you’re playing a risky game. Possibly a risky game that involves a lawyer, which is my least favorite kind of game.Now to your question about earnest money deposit. It is a common misconception that your earnest money deposit is your only skin in the game, but it’s not. Usually, if a buyer walks away from a contract the seller will just keep your earnest money, but it’s not the most they can do. They can demand “specific performance,” or demand you close. If they feel your violation of the contract caused them more damages than your earnest money is worth, they can sue you for the damages they feel they suffered. What if you accepted this language because you were competing with multiple offers, say a slightly lower cash offer, and you agreed to the language so they’d accept yours instead? The seller could make the argument you cost them $310,000 (the cash offer), and that your earnest money just won’t cut it.The short answer, consult your Realtor about the common outs in your state, and then consult a lawyer if you think you’re likely to have to terminate on a clause other than option, or something similar.Lastly, in the future, try this. I often recommend my buyers not agree to cover any under-appraisal, but rather up to a specific amount. For example “not to exceed $10,000” or whatever.Good luck! You can message me directly on Quora, or find me on my Zillow profile.
Can we change the name (my friend name to my name) on an accepted real estate offer letter?
You would have to write an addendum assigning your position in the deal to your assignee. The seller would have to sign it as well. Absent any assignment language in the offer, the seller would have the right to refuse to accept the assignment.
What are important real estate contingenices in a residential offer letter in the US?
Just about all terms are negotiable in a real estate deal. Any contingencies are based only on what the buyer and seller agree to (aside from any requirements by law). While there are different "customary" items in local micro markets, virtually anything can become a contingency. All contingencies do is set the stage for either party to cancel the transaction if the terms and timelines are not met. This does not mean that a party HAS to cancel. I've seen deal with zero contingencies in Los Angeles as well as those more creative like "offer is contingent on buyer closing on sale of personal company," or "buyer has 10 days to provide a gift letter from Grandma". There could be short sale approval contingencies, title, inspections, financing, appraisals, disclosures, etc. Ultimately, each party attempts to create as many "opt out" options as possible for their protection through the use contingencies and these will vary depending on the details of an individual transaction.
How long does it usually take to get the offer after the interview process? After the interview, the recruiter told me the hiring manager would call and give me an offer. I am just so worried. Do they really want to hire me?
It varies wildly on the company and the position. Patience is so challenging when you are optimistically waiting for that offer. You want that offer to be solid so consider that these are just a few of the things that are going on and being coordinated between departments while you are waiting.Reference ChecksEducation or certification verificationBackground authorizationBackground checkSalary offer approval from finance / budgetSalary offer approval from HR / compensationSalary offer approval from department head / hiring managerBenefit package like stock or other perksMaybe legal approval on the offer letterJust prepping the offer packetCoordinating the start date request with an orientation group or training classDepending on the company these could be happening between multiple departments in multiple locations across time zones.Keep the faith, if they said they would call they will. If it's late this may tell you a little about the internal workings of the company. If they never call, you really didn't want to work there anyway.
How likely is it for me to win a lawsuit where a seller wants to back out of a signed commercial real estate offer/contract?
Obligatory legalese: I’m not a lawyer and you should consult one for legal advice.Generally speaking, if you have performed as specified in the contract, including putting in deposit, removing any applicable contingencies, and informing seller of your intent to close, then I think you have a pretty good case.However, in practical terms, it’s not clear if you should go to court. Lawyers are expensive and, depending on the contract and the state you’re in, you may not be able to get back your expenses, even if you win. And any case, even a winning one, is going to take a long time to complete, is it really worth your time and aggravation?
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