Poll

Is the house ours

Yes go forward with inspections
3 (18.8%)
No sorry
4 (25%)
That's too goofed up to figure out.
9 (56.3%)

Total Members Voted: 15

Voting closed: May 21, 2015, 10:59:50 PM

Author Topic: Did I buy a house?  (Read 5206 times)

Shropskr

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Did I buy a house?
« on: May 14, 2015, 10:59:50 PM »
Ok here's the deal we put in an offer on a house.  Asked for a response next day.  Got a counter offer Two nights later 10pmish we signed and accepted the counter offer then added an addendum.  They said no to the addendum. We removed addendum verbally.  They supposedly accepted an offer from a second person Wednesday. We opened escrow account next day not funded. Recended counter offer to us same night.  Today 2ish money would not go into escrow.   Realtors talk again.  Supposedly all better.  Our offer accepted.  Money accepted into escrow 4ish.

All the paperwork is exactly the same as it was Wednesday morning.  Do I have a new house?
Ack
« Last Edit: May 14, 2015, 11:51:40 PM by Shropskr »

secondcor521

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Re: Did I buy a house?
« Reply #1 on: May 14, 2015, 11:41:59 PM »
I am not a lawyer.

It's hard to tell based on your description, but here are a couple of points:

1.  It may depend on your jurisdiction.  I'm assuming you're in the United States.
2.  Money into escrow doesn't matter.  It's the contract that matters.
3.  Verbal doesn't matter.  It's the written stuff that matters.

So, you shouldn't have removed the addendum verbally, and they should not have accepted your offer verbally.  Since it is not clear that both parties agree on the contract, there is no meeting of the minds, which is a condition of a valid contract in the US.  So in my opinion you don't have a contract.  (Even if you did, the house isn't yours until the terms of the contract are met and all the papers are signed at closing.  I suspect you know that and are just speaking loosely.)

What you need to do is basically figure out if they've accepted your addendum or not.  If they accept your addendum and want to include it as part of the contract, they should (1) sign their copy of the addendum and (2) get a copy of their signed addendum back to you via the realtors.  If they don't want to include it, they should tell you that and if you agree, you should (1) sign their counter offer and (2) get a copy of your signed counter offer back to them via the realtors.

Basically, with real estate contracts, you offer and counteroffer until either (a) one side breaks off negotiations, usually via going non-responsive on the other party, or (b) you have a chain of offers and counteroffers that both parties have signed on the last page of the last counteroffer.

Thegoblinchief

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Re: Did I buy a house?
« Reply #2 on: May 15, 2015, 06:58:43 AM »
You need a real estate attorney from your jurisdiction. Your realtor's firm may/should have one already in house or on retainer.

Even if you have, are you second guessing it already? Bad sign. Consider then whether you're willing to lose the earnest money to walk away.

Another Reader

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Re: Did I buy a house?
« Reply #3 on: May 15, 2015, 07:04:30 AM »
The title company likely would have opened escrow based on the contract and any counter offers and addenda signed by all parties.  Your agent should be able to explain the contract basis upon which escrow was opened.  You likely will need to withdraw the addendum formally at some point, but sort that out with the agent first and, if necessary, the title company if the agent's explanation is not satisfactory.

James

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Re: Did I buy a house?
« Reply #4 on: May 15, 2015, 07:16:24 AM »
accepted the counter offer then added an addendum.

I don't get this part. If you added an addendum then you didn't accept their counter. Once you change the counter it isn't their counter any more, it's your counter and they need to accept or not. Once they didn't accept the addendum you should have requested they resend the original counter so you could both have the final contract.

I would lay the blame on your realtor if it was his idea, and also blame him if he didn't argue against this. It was handled poorly. And I assume I understand the issue, you wanted the addendum but were worried you would lose the house so you also signed the counter. But in doing so you muddied the water and I don't think you have much of a case to complain.

At this point the key is whether there really is an accepted offer. I would insist on seeing the signed offer with both of your signatures and no addendum on it.

Another Reader

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Re: Did I buy a house?
« Reply #5 on: May 15, 2015, 07:42:40 AM »
In Arizona, if you want to add an addendum, you check a box that says you accept the counter and add an addendum.  The addendum is attached and both parties must sign.  Addenda are for small changes agreed upon by both parties in advance.  An example would be changing the title company or moving the COE date.  If there is a material change to the terms of the offer, you need a full counter offer.

Clever Name

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Re: Did I buy a house?
« Reply #6 on: May 15, 2015, 10:12:39 AM »
I am not a lawyer, but my understanding is that verbal agreements and other miscellany notwithstanding, if there are one or more documents signed by both parties the most recent of those documents is considered a legally binding contract, as are any others not superseded by it.

It is not clear from your original post whether there are any documents that were actually signed by both parties. Are there?

Shropskr

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Re: Did I buy a house?
« Reply #7 on: May 15, 2015, 10:23:35 AM »
After spending a lot of time reading Oregon law.  It looks like I probably have the house because both offer, and counter offer are signed by both parties.  Addendum is a sale addendum and here's the important part not a counter offer addendum.  So do to one little word I get to force them to hold to the original agreement and move forward yea.  I think.   

What a mess.  I guess this I why moving is one of the three top stressers.  Yuck

frugaliknowit

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Re: Did I buy a house?
« Reply #8 on: May 15, 2015, 01:50:04 PM »
You buy a house when it closes.

You have a truly binding contract after attorney's approval and inspection contingencies are ironed out; even then not really until your mortgage is approved (assuming there's a mortgage contingency).


Kriegsspiel

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Re: Did I buy a house?
« Reply #9 on: May 15, 2015, 05:15:43 PM »
Sorry sir, but it sounds like you accidentally a house.

sunday

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Re: Did I buy a house?
« Reply #10 on: May 15, 2015, 05:27:23 PM »
Did you put down any earnest money yet?

Shropskr

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Re: Did I buy a house?
« Reply #11 on: May 15, 2015, 06:26:37 PM »
Earnest money is in escrow. 
Inspections are set up for next week. 

forummm

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Re: Did I buy a house?
« Reply #12 on: May 15, 2015, 06:31:24 PM »
Your description is very confusing. Does your contract have a 10-day contingency period for inspections? Often you can just say that whatever the inspections found is enough that you want to back out.

Also, do you not have a realtor who can answer these questions for you? I wouldn't want to be working with a realtor who 1) gets you into these weird situations by screwing up paperwork, and 2) can't advise you well. A house purchase is a serious financial and personal commitment. The realtor is getting paid a bunch of money. They should be competent in their advice.

arebelspy

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Re: Did I buy a house?
« Reply #13 on: May 19, 2015, 10:24:09 AM »
Most important right now: do you and the seller both want to go forward with what has been signed?  If so, the timing of all that stuff likely doesn't matter one whit. If one of you is balking, that's when it gets complicated--but no need to complicate it if that's not the case.
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