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24 OCT

Can You Withdraw an Offer?

By Jeff Echo

What happens if Buyers and Sellers make an offer or counteroffer and regret it before it’s accepted?  In both situations, sometimes one party has a change of heart. Or another home comes on the market, or a better offer comes in.

 

We had one such situation this week when our Seller made a counteroffer but another Buyer with better terms came around. So what was our advice?  That’s where you have to know Section 18, Standard O. And that’s when you realize you need a good Realtor (Hint Hint). So if you aren’t a real estate contract wonk, here is what ole Section 18, Standard O says and means…

Review Section 18, Standard O on lines 510 to 512 of the contract. It provides:

“Notice and delivery given by or to the attorney or broker (including such broker’s real estate licensee) representing any party shall be effective as if given by or to that party.”

Here is a better clarification from an attorney on Section 18.

The broker’s real estate licensee is authorized to provide written notice (on behalf of the sellers)  to you as the buyers’ representative that the sellers’ counteroffer was withdrawn.  It is well settled real estate law that a party may withdraw its offer or counteroffer before it is accepted and delivered by the other party. That is the reason I always encourage agents to advise the party whom they represent to respond quickly to an offer or counteroffer.  While it’s correct that the contract provides 2 days to accept counteroffers in Section 3  –  a party does have the legal right to withdraw a counteroffer before it is accepted.

 

Text and email sent by an agent are methods provided in Standard O of the Contract which states that written notices may be made by electronic media.

In summary, once the sellers, through their real estate agent notices to you and withdraws their counteroffer, the buyers could not then accept the counteroffer.

There is no legally binding contract.

WATCH LIVE!!! You can watch our Real Estate Roundtable LIVE at 9am on our website or comment on Facebook to make sure you get all the details on Septembers 2021 Sales & on Withdrawing an offer.

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Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.

Feel free to ask him a question directly at jeff@EchoFineProperties.com.

 

Posted in About Echo, Real Estate, Videos on October 24, 2020 at 6:55 am.

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