I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?

At this point I am concerned my agent is not working
entirely in my interests and is simply trying to rush a sale
along. She had a call on Friday from another agent wanting
to see the house. She did not tell me about this until after
I signed the counteroffer on Saturday. Granted, she didn't
have to tell me, but the timing was odd, like she was trying
to cover herself yet still move this sale along. In
addition, still another party stopped by my house late
Saturday, expressing interest in my house. There are a few
other things that concern me re the pricing of my house and
the research she did to guide me on setting the price.

Offers and counteroffers (Ontario, Canada) have an 'irrevocable' date and
time and the signing is under seal. I expect that it is essentially the
same where you are. 'Irrevocable' means what it says - you can't take it
back unless that date/time passes.

This should have been explained to you before you signed anything.

I'm inclined to give your agent the benefit of the doubt. If other people
want to see your house, that's nice but unless they're prepared to make an
offer, it's all just fluff. You have a solid offer that you're
negotiating. Chances are that it's your best one.


"AvoidingSpam" ) writes:
I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?

At this point I am concerned my agent is not working
entirely in my interests and is simply trying to rush a sale
along. She had a call on Friday from another agent wanting
to see the house. She did not tell me about this until after
I signed the counteroffer on Saturday. Granted, she didn't
have to tell me, but the timing was odd, like she was trying
to cover herself yet still move this sale along. In
addition, still another party stopped by my house late
Saturday, expressing interest in my house. There are a few
other things that concern me re the pricing of my house and
the research she did to guide me on setting the price.

"Natalie Munro" wrote
Offers and counteroffers (Ontario, Canada) have an
'irrevocable' date and
time and the signing is under seal. I expect that it is
essentially the
same where you are. 'Irrevocable' means what it says -
you can't take it
back unless that date/time passes.

This should have been explained to you before you signed
anything.

Oh no. I think she owed me no further explanation on this;
the words do speak for themselves.

I just thought U.S. law said that if I /really/ pushed the
issue, the law would be on my side. See my post to Todd. I
have seen indications that this is the law in the United
Kingdom, too: The offeror (or in this case, counterofferor)
may withdraw even if the explicit expiration time has not
passed.

I'm inclined to give your agent the benefit of the doubt.
If other people
want to see your house, that's nice but unless they're
prepared to make an
offer, it's all just fluff.

Yes, she said something like this when I queried further
about what had happened Friday.

You have a solid offer that you're
negotiating. Chances are that it's your best one.

I don't know. Three parties seeing my house within six days,
and a fourth showing interest on day 7, makes me suspicious.
Plus I was clear IMO that I was testing the market and my
move depended on how much I could get. My contract with the
agent is only for two months, in fact.

"AvoidingSpam" writes:

I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?

Legal questions are best answered by an attorney. I am not one.

However, I have my doubts whether you can retract the counteroffer.

To get out of the contract, however, does your offer have an
attorney's approval/review clause built in? If you want out of the
offer contract used here in our area, you can always do it in the
attorney approval window.

At this point I am concerned my agent is not working entirely in my
interests and is simply trying to rush a sale along.

A realtor paid entirely by a percentage of the sales price at closing
trying to rush a sale along? Near the end of the summer before folks
kids go back to school? Naaaaah, couldn't be!

I'm kidding of course, yeah, that's the perennial concern with
realtors. By definition of how they get paid, they're never really
working for you, but instead for the sale and the sale alone. The
good news is that you've sensed this nicely.

She had a call on Friday from another agent wanting to see the
house. She did not tell me about this until after I signed the
counteroffer on Saturday.

Okay, now that would totally **** me off. Until you and a buyer are
under contract (i.e. counteroffer signed, and all things in motion),
your agent is bound to show all interested parties your house.
Especially when there's an offer on the table, you want folks through
the place because you could end up with 2 people in a bidding war--a
seller's wet dream.

Granted, she didn't have to tell me, but the timing was odd, like
she was trying to cover herself yet still move this sale along. In
addition, still another party stopped by my house late Saturday,
expressing interest in my house. There are a few other things that
concern me re the pricing of my house and the research she did to
guide me on setting the price.

I would hold her feet to the fire and very sternly tell her that until
you're under contract, you want every party that calls to see the
house.

I'd also ponder a call your realtor ethics folks and see whether what
she did in not informing you of an interested party is outside their
guidelines and code.

--
Todd H.
http://www.toddh.net/

"Todd H." wrote
"AvoidingSpam" writes:

I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if
not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can
I
legally withdraw my counteroffer before noon on Monday?

Legal questions are best answered by an attorney. I am
not one.

However, I have my doubts whether you can retract the
counteroffer.

I think Natalie and you are more likely right than not.
Generally, I know an offer may be withdrawn before it is
accepted. Exceptions to this rule seem to occur when
"consideration" (e.g. a deposit from the offeror) is put up.
If I had put some kind of deposit down to show my good faith
in barganing until noon Monday. But sellers do not do this,
of course.

Also, I do see many sites on the web that indicate I am
obligated to abide by the timeframe in the counteroffer.

To get out of the contract, however, does your offer have
an
attorney's approval/review clause built in?

No. It does have a number of the other usual contingencies,
though, like house inspection, appraisal meeting the
lender's requirements, etc.

Sabotaging the house inspection and similar is out of the
question, of course.

If you want out of the
offer contract used here in our area, you can always do
it in the
attorney approval window.

At this point I am concerned my agent is not working
entirely in my
interests and is simply trying to rush a sale along.

A realtor paid entirely by a percentage of the sales price
at closing
trying to rush a sale along? Near the end of the summer
before folks
kids go back to school? Naaaaah, couldn't be!

I'm kidding of course, yeah, that's the perennial concern
with
realtors. By definition of how they get paid, they're
never really
working for you, but instead for the sale and the sale
alone. The
good news is that you've sensed this nicely.

Thanks but I should have leaped on it Saturday when she told
me after signing the counteroffer. I was definitely
uncomfortable and I think she knew it, since I asked her
about it further. Further buttressing my belief she knew she
did wrong was that, when I asked further, she said she
figured this other party was just going to preview; they
wouldn't offer. ISTM that's not good enough. She can't read
their minds. Like you suggest, in theory it is her job to
encourage, say, a bidding war, especially since the house
would have been seen thrice (within six days of being put on
the market) by the end of Friday had she followed through.

I suppose she told me because of either a guilty conscience;
or because she thought this agent might come knocking (a few
have, also in violation of my contract with my agent to give
six hours notice) and tell me of their interest this past
Friday; or whatever.

She had a call on Friday from another agent wanting to
see the
house. She did not tell me about this until after I
signed the
counteroffer on Saturday.

Okay, now that would totally **** me off. Until you and a
buyer are
under contract (i.e. counteroffer signed, and all things
in motion),
your agent is bound to show all interested parties your
house.
Especially when there's an offer on the table, you want
folks through
the place because you could end up with 2 people in a
bidding war--a
seller's wet dream.

Yes, darn it. My agent even mentioned the possibility of a
bidding war before we started showing houses (before I
signed a contract with her?). All words to suck me into
believing she was working diligently for me?

Again, I could be wrong. But my honest feeling is not good
at this point.

Granted, she didn't have to tell me, but the timing was
odd, like
she was trying to cover herself yet still move this sale
along. In
addition, still another party stopped by my house late
Saturday,
expressing interest in my house. There are a few other
things that
concern me re the pricing of my house and the research
she did to
guide me on setting the price.

I would hold her feet to the fire and very sternly tell
her that until
you're under contract, you want every party that calls to
see the
house.

I'd also ponder a call your realtor ethics folks and see
whether what
she did in not informing you of an interested party is
outside their
guidelines and code.

Good idea. I think I will try to locate the appropriate
organization and maybe see what they think.

Of course, I recognize this could get sticky. I do not want
a fight to come out of this. I am simply not on the firmest
ground here and so would be wasting time and emotion.

"AvoidingSpam" ) writes:
I think Natalie and you are more likely right than not.
Generally, I know an offer may be withdrawn before it is
accepted. Exceptions to this rule seem to occur when
"consideration" (e.g. a deposit from the offeror) is put up.
If I had put some kind of deposit down to show my good faith
in barganing until noon Monday. But sellers do not do this,
of course.

Be aware that I'm speaking about the irrevocable where I am. Your state
may be different.

I also don't know the specifics about your house or your local market, but
just because someone wants to see your house doesn't automatically mean
that you have multiple offers on the horizon. The *general* rule in real
estate is that your first negotiated offer is your best offer.

If you did have a conversation with your realtor about 'testing' the
market (and I think you did), and depending on the market, some sort of
specific escape clause could have been inserted in the agreement during
the negotiations that was in your interest.

Before you go to your real estate board, you might want to sit down with
the broker, not your sales representative. Again, assuming it works like
it does here (or close enough), your 'agent' isn't the sales rep, it's the
brokerage and the brokerage is the one you actually have a contract with.

From what you've said and in your place, I'd have some questions for the
broker, but I don't see any obvious red flags yet.

"Natalie Munro" wrote
"AvoidingSpam" ) writes:
I think Natalie and you are more likely right than not.
Generally, I know an offer may be withdrawn before it is
accepted. Exceptions to this rule seem to occur when
"consideration" (e.g. a deposit from the offeror) is put
up.
If I had put some kind of deposit down to show my good
faith
in barganing until noon Monday. But sellers do not do
this,
of course.

Be aware that I'm speaking about the irrevocable where I
am. Your state
may be different.

I also don't know the specifics about your house or your
local market, but
just because someone wants to see your house doesn't
automatically mean
that you have multiple offers on the horizon. The
*general* rule in real
estate is that your first negotiated offer is your best
offer.

If you did have a conversation with your realtor about
'testing' the
market (and I think you did), and depending on the market,
some sort of
specific escape clause could have been inserted in the
agreement during
the negotiations that was in your interest.

I blew it, I suppose. Though I know I talked about testing
the market and only selling for the right price.

Mixed communications. I am at least as much to blame.

Before you go to your real estate board, you might want to
sit down with
the broker, not your sales representative. Again,
assuming it works like
it does here (or close enough), your 'agent' isn't the
sales rep, it's the
brokerage and the brokerage is the one you actually have a
contract with.

It's a one-person business, so I guess the brokerage and
agent are one in the same.

Update: I did direct my agent to revoke my offer. She did
not argue. I was terse, said to give the buyer my apologies
(for what those are worth) and said I would explain later. A
couple hours later I called my agent again to explain. She
said the buyer's agent said they intended to reject my
counteroffer anyway, since they had several backup homes.
Not that this excuses my very poor behavior in this matter.
I told my agent some of my concerns. She was not
particularly responsive, maybe because she now figures she
has a jerk for a seller. Which I can understand. I weighed
what would make me feel least worse (selling when I felt I
was being "handled" by a couple of real estate agents or
going back on my word on the time limit for the offer) and
so chose the revocation. Which I think actually is legal in
this case, but way uncool and certain to have poisoned our
relationship (along with my relationship with other agents,
if words gets around?). Understandable. I will pay the
piper, I suppose.

The house sale prices in my area have been very odd of late,
with several spiking way up. I have a lot of evidence
investors are buying up the houses. Indeed, the folks who
made the offer recently on my house were from far out of
town. That they wanted to pay nothing for the closing seems
to be another tipoff that they were looking to buy and flip
a year or so down the road.

This morning, while doing some volunteer work with a friend
in-the-know about our community, I think I learned why the
prices are so odd lately in my area: An extension of the
state university is being built about a mile away, enrolling
12,000 students; plus a minor league ice hockey arena; plus
the city hall is being moved to this same area. Jobs galore.
My neighborhood seems to be going from humble to and remote
to... well, prices have skyrocketed over the last three
years, and it's not interest rates per se this summer. This
was never my expectation.

At this point I feel it's not a bubble but that the prices
will remain high, though they will not continue to increase.

So I'm slowing things down.

Thanks again for your input, Natalie. I know I am in the
wrong here a good deal in how I handled this. It's been a
lesson.

"AvoidingSpam" ) writes:
"Natalie Munro" wrote
so chose the revocation. Which I think actually is legal in
this case, but way uncool and certain to have poisoned our
relationship (along with my relationship with other agents,
if words gets around?). Understandable. I will pay the
piper, I suppose.

It's your property and your decision. I don't think that you have to feel
badly about a single thing. I do think that it's unfortunate that things
got to that point - it should not happen that way.

Thanks again for your input, Natalie. I know I am in the
wrong here a good deal in how I handled this. It's been a
lesson.

The next time you have the pleasure of hosting a 'listing presentation',
don't be shy about setting your own agenda.

AvoidingSpam wrote:
I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?

At this point I am concerned my agent is not working
entirely in my interests and is simply trying to rush a sale
along. She had a call on Friday from another agent wanting
to see the house. She did not tell me about this until after
I signed the counteroffer on Saturday. Granted, she didn't
have to tell me, but the timing was odd, like she was trying
to cover herself yet still move this sale along.

Yes, she did have to tell you. An agent is required to bring to you all
all credible offers. Although there's a gray area about what is
"credible", this is a serious thing. In some states, you can lose your
license for it.

"Andrew Duane" wrote
AvoidingSpam wrote:
I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if
not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can
I
legally withdraw my counteroffer before noon on Monday?

At this point I am concerned my agent is not working
entirely in my interests and is simply trying to rush a
sale
along. She had a call on Friday from another agent
wanting
to see the house. She did not tell me about this until
after
I signed the counteroffer on Saturday. Granted, she
didn't
have to tell me, but the timing was odd, like she was
trying
to cover herself yet still move this sale along.

Yes, she did have to tell you. An agent is required to
bring to you all
all credible offers. Although there's a gray area about
what is
"credible", this is a serious thing. In some states, you
can lose your
license for it.

Thank you for the input. I will try to locate a 'realtors'
board' and make some quick calls.

In article .net,
AvoidingSpam wrote:
I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?


You can legally withdraw it any time you wish.


Dimitri

In article ,
D. Gerasimatos wrote:
In article .net,
AvoidingSpam wrote:
I submitted a counteroffer to an offer on my house. The
counteroffer states: "This counteroffer will expire if not
accepted by the buyer by noon on Monday, August 21."

Assuming I have not heard from the potential buyers, can I
legally withdraw my counteroffer before noon on Monday?


You can legally withdraw it any time you wish.


FWIW, we studied this exact case in particular in a law class.


Don't take my word for it, though. Here's a link that says the same:


http://realtytimes.com/rtnews/rtcpag...nteroffers.htm


"There's an additional point to understand regarding offers of all kinds
(counter or otherwise): The offeror, the person making the offer, has the
right to withdraw the offer prior to it being accepted with that
acceptance being communicated back to the offeror. This means that a buyer
could withdraw the offer (with earnest money being returned) anytime prior
to receiving word from you that you had accepted the offer."


Of course, once it is accepted then you cannot withdraw it.


Dimitri