If You Have Accepted a Buyer’s Offer, Can They Lower the Offer after an Inspection?

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s