Sunday, October 29, 2006

What if ...the Buyers tries to Break the Deal?

To purchase a property, a buyer must make an offer of the amount he is willing to pay. This offer may be what the seller is asking, but often times is lower, in which case a negotiation ensues between the parties. Such negotiation is typically conducted between buyer’s and seller’s respective representatives, either attorneys or realtors, and concludes when a mutually-acceptable sale price is reached.

A buyer can change his mind about the purchase of a property for any reason up until the time a seller accepts an offer. Sometimes, a seller will accept immediately. When negotiations occur, it can take some time to reach an agreed-upon final purchase price, in which case the buyer can back out of the negotiations prior to receipt of a document from the seller or his representative indicating acceptance of the most recently presented offer.

In the real world Buyers sometimes try to reneg. Learn More

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