Q: Can a buyer back out or ask for more money after an offer has been accepted?
Buyer accepted offer less than a month ago and wants to close mid sept. This is a cash deal. I have already spent monies on 2 inspections, and a title search and have accommodated the sellers around their 2 week vacation. Now the sellers are saying it is taking too long to sign contract. The last inspection was yesterday and my realator told them I'd sign the contract on tuesday. Now the sellers say they have another cash deal for 5000 more and say I'm the one who is dragging my feet. What recourse do I have??
A: No contract, no recourse. Until there is a contract an accepted offer is nothing.
A:
First of all, I believe you are asking if a Seller can back out and ask for more, not a buyer. Not sure why you had more than one inspection and spent money on a title search in advance of having a signed contract. The bottom line is, there is no firm binding deal until there is a signed contract. If you delayed signing the contract, then you took on the risk that the Seller might decide not to sell to you after all, or might ask for money to proceed with the deal.
You have no recourse in my view. Now you will have to wait and see if the Seller really has the will to pull the deal from you (and a backup offer), or whether he/she will relent after all.
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