So, you’ve had a buyer make an offer on your home and you’ve accepted; is this a binding agreement? The answer is no. An offer is merely an offer, nothing more. Additionally, if the buyer hires a home inspector and the inspector finds a major, nondisclosed defect with your property, the buyer has no obligation to maintain their offer. Here is what you need to know about buyers making and rescinding offers:
- An offer is not a binding contract, and so it is not legally enforceable
- If a buyer finds a defect during inspection, they are well within their rights to rescind or lower their initial
- As the seller, you have the option to accept, decline, or counter the new offer
- You could also offer to fix the defect if the buyer agrees to stick with the original offer
Talk to your realtor about all of your options, and decide together upon the best plan of action.
To read the full article on Realtor.com, click here.