Q: Can a seller renege on an accepted offer before they sign the contract to sell a home?
another buyer made a higher , full offer. The sellers original counter offer to the first buyer was accepted verbally, but the contract had not been signed by the sellers before another offer by a second buyer was presented. Can the seller renege on a verbal acceptance of an offer?
A: Contracts to sell or convey property in North Carolina must be in writing which is the offer and the acceptance. Unless it is in writing, it is generally considered non-enforceable. It pays to move quickly to get a signed contract for competitive real estate. Now, if you had incurred any expenses, such as inspections, etc., you might have a claim. But in most real estate transactions, particularly those with real estate agents, those things that cost money won't occur until after the contract is signed which specifically avoids this issue.
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