Market Wise Q&A: Why would the Seller wait to Accept our Offer?

Pat Kapowich for the San Jose Mercury News

Q: We made an offer on a home and the seller had two days in which to respond. After the time elapsed with no response, we went home shopping. Now our buyer’s agent just informed us that our offer has been accepted — two full days after the expiration of our offer. We want the home but this is a little fishy. We do not feel too comfortable at this point. What do most buyers do in this situation?

A: Real estate attorneys will tell the agents involved to have all the parties re-sign the purchase contract. That is usually not done as a standard of practice. Normally the buyer simply submits their deposit to escrow and orders inspections and an appraisal. Conversely, if you and your family have a bad feeling about the seller, property, and/or listing agent and decide to keep home shopping, the same attorneys will agree that you may do so. A buyer’s offer to purchase terminates when the offer acceptance deadline expires.

12-4-10

E-mail questions to Pat at
pat@www.siliconvalleybroker.net