Afraid of accidentally buying a house? | St. Paul Real Estate Blog

For Home buyers, For Home Sellers

by Teresa Boardman, on 26 July 2012

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There are casualties in multiple offer situations. ?Only one home buyer can buy the home. ?The other offerers get told by their agent over the phone that their offer was rejected. ?They rarely see anything in writing from anyone and after they move on and start looking at houses they worry about that rejected offer that is still out there.

Here are a couple of things to keep in mind:

1. ?Chances are your earnest money check never went to the sellers. ?Without the earnest money check the contract may not be valid. ?It should be easy enough to find out if the check was cashed and who cashed it.?

2. ?A contract to purchase a home signed by a buyer only is not complete or what we call fully "executed".?

3. ?In Minnesota to be valid a contract has to be signed by all parties and delivered to them. ?It can be delivered any number of ways including by email.?

4. ?Your agent can have a cancellation drawn up and signed by both parties even though there was no executed contract. ?This can also be done by email or on a sheet of paper with the date, the property address and the date of the contract and signatures of the sellers.?

Your agent could also get an email from the sellers agent stating that the sellers rejected your offer and your agent could send that along to you. ?Personally I prefer to do as much as possible in writing so that there is a paper trail. ? I understand how it must feel to a buyer to have that contract out there. ?

There are several steps in the home buying process that happen after the contract is signed by both parties and a purchase agreement can still be cancelled.?

As an agent I am also always ready to show what I did with a contract step by step. ?How does the buyer know that the offer got to the seller? ??

As a buyer if you are really worried about it you can always ask your attorney.?

Remember real estate is local and maybe in your area you can accidentally ?buy a house.?

Source: http://www.stpaulrealestateblog.com/2012/07/afraid-of-accidentally-buying-a-house.html

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