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It is true that offers of purchase of a particular property or a home and counter offers from the seller can be legally pulled back – under some circumstances. By definition, revocation means the official cancellation of a decree, decision or a promise. So, what exactly does it mean when someone revokes an offer? Well, simply put, if your buyer revokes an offer, they have officially cancelled the contract they had initially agreed upon. Until you have signed, texted or emailed back, that you have accepted the offer, your buyer can legally pull it back. It is true in the reverse scenario as well. If you are the seller, you can also pull back any counter signed offers until the buyer accepts it legally.
For example, if your listing has an offer of $800000 and your realtor counters that offer for you to the buyer at $810000, this is a signed counter offer from you – the seller. Further, another agent sends you an offer of $830000. It is quite obvious that as a seller you would want and you would give preference to the second offer! If the offer number 1 has not responded to your offer or signed or acknowledged your offer in any way, you can revoke it – it’s that simple! But remember that you will need to be fast!
You will need to email, text and then call to inform that you are revoking the offer. Make sure that you act soon and act in the right direction so that there is no complication in the process. The sooner you act the fewer the complications will be.
Here are a few things to remember:
• As a buyer, if you are considering accepting an offer – you’d better be fast!
• Before you know, it could be taken away from you!
• Select an agent who can work fast and get you the contract within seconds of receiving it from the other party.
• Online signing systems are quick and efficient – check whether your agent is using one.
• In an every changing market of multiple offers, you need to be fast!
• On the flip side, if you are the buyer and you get cold feet – you can simply revoke the offer.
• You can walk away from your offer at any time during the subject removal process.
• Further, if you are sure, you can lock it up so that no one can take it away from you!
It sounds like something pretty simple and straightforward, but make sure that you take the advice of your realtor and a lawyer before you take a decision. With years of experience and knowledge of the industry, they can provide you with proper guidance and help you with the legal dealings wherever necessary.
If you are looking at a home sweet home for your family or a great investment – checking out the Vancouver House Listing is the first place you would want to look at.
Most importantly, before you decide to revoke an offer or counter-offer, Feel Free to Contact to Naz Allahyari is a Vancouver’s top real estate agent.
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