Am I legally bound to buy the condo?

Question

I am looking at buying condos. I only started looking a few weeks ago. I am working with a real estate agent that is really good and has a really good reputation. I looked at a condo 3 times. It is priced well. There are a few things though. For one thing, the current owner is a smoker and you can smell it. Also, I will probably have to put money into it in a few years. The other day, I asked the realtor that if I were to offer a good price, would the seller agree to repaint the apartment. She said yes. She faxed me the offer letter to sign. I haven't signed it yet. I am really having second thoughts. My instinct tells me that if I wait, something better will come along, maybe in a month or 2. I am thinking about calling the realtor and backing out. I just want to make sure I am not breaching any contract. Obviously I haven't signed anything. Also, I don't want to burn my bridge with the realtor if something better does come along.

Answer 1

You should make offers on properties you really intend to purchase. If you are having reservations about this condo, there is a reason. Most of us have a gut feeling about certain things. Your gut appears to be telling you this might not be the place for you to purchase.



Normal;y when you make an offer on a property, you place certain things in motion, which cause work and individuals plan based on your offer



If you make an offer and the offer is accepted as you made the offer, what would be your reason for declining it other than something that might be found during your inspection?



You have seen the condo on three separate occasions, what do you see that make you keep going back. Apparently there is someth9ing there.



Getting rid of smoke from the rooms of a condo or house is a difficult thing to do. Painting the walls simply will not eliminate the smoke smell from the walls. The walls have to be completely washed, using some sort of cleanser, normally used by a professional painter.



By adding a clause in your offer that the current owner would be required to paint the condo might get you a new paint job,however, you will still have the smoke odor.



I hope this has been of some benefit to you, good luck.



"FIGHT ON"

Answer 2

A smart real estate agent is never offended when a buyer backs out - early or later in the buying or contract phase.

Many get cold feet - especially in today's higher priced market - as they are reluctant to buy now in case prices go down or even crash. Most buyers eventually buy something but a few decide to keep renting. A good agent also never burns bridges with buyers as they know most eventually buy and will recommend that agent to friends.

Smoking odors can also get absorbed into cabinets or any wood. Vinegar / water mix can neutralize it.

Answer 3

As offer may be withdrawn at anytime prior to acceptance. Since I don't know the form of contract you're agent is using but it should be one of two versions; One form requires the seller to make any repairs that you find during the inspection. The other ("AS IS") gives you the right to inspection and cancel, but does not require the seller to make any repairs. We use the latter exclusively. Also ask your agent what is the median list price to sales price percentage. In our area homes are selling at 97% of list price. If the unit is "priced right" then offer 95% of the list price and paint it yourself. The best priced home is usually the one you didn't buy.

Answer 4

You do not have to buy this property. If you are hesitant, try a low offer and see where that goes? This does not lock you into a commitment even if they agree to your number.



Smoking smells are an advantage for you. Like ugly paint colours and tasteless furniture, they will help you get a better price as less savvy buyers will be put off. Do not ask the seller to repaint as you will be given a 'landlord's special'. Factor that into your offer price and do a proper paint job before you move in. Consider using oil based paint. Remember to replace all the filters.

Answer 5

Painting will not solve the problem. Listen to your instinct. That's what it's for.

Your personal internal gut feeling. We viewed numerous condos. The ones who had smokers, the smell just hit you in the face upon entering. We didn't bother viewing them,just left.

You will find the right one.

Answer 6

I don't think you are obligated to but the condo. However; I used to work as maintenance in apartments growing up, and we always used a brand of paint called KILLZ to remove smoke stains and odor, from the walls.

Answer 7

while you may annoy the real estate agent by walking away, its part of the business in real estate plus its a huge purchase you are making , you have the right to be cautious do not sign the offer



also with a smoker is there carpet? if so it will have to be taken out also any a/c heating duct's will have to be clean and so for let alone painting every thing

Answer 8

Good real estate agents know that buyers are fickle and shouldn't be upset over you rethinking your decision. That being said, be courteous of your agents time. You are under no obligation because it was only an offer and an offer is not binding.

Answer 9

"My instinct tells me..." That's an interesting justification for cold feet. And I don't blame you but, take the lipstick off the pig and call it what it is.



If no one has signed anything, including you, there is no contract to breach, ofcourse.



And yes, you risk burning the bridge with the realtor. Wasting their time will make them reluctant to work with you.

Answer 10

under you sign an offer sheet and that offer is accepted by the seller, you are not obligated to anything - just tell them you want to keep looking and you will have to put money into ANY place you buy

Answer 11

If you haven't signed an offer, then you haven't made an offer.

Answer 12

Backing out of WHAT? Did you make an offer and was it accepted? If not, there's nothing to "back out" of.

Answer 13

If you haven't signed anything, you're not obliged to buy.

Answer 14

You are under no obligation as long as you haven't signed anything.

Answer 15

Cannot be in breach of a contract you have not signed yet.

Answer 16

yes I agree, If you have not sign the offer then you have not made any offer.