Canceling Offer

[snivag]

Hi I hope this is in the right place.
I have put in an offer for a property, and after 3 days have still not heard if the offer has been accepted, I spoke to the rea yesterday and told her I needed to know by today (Saturday) as I have another property that I am interested in. as well, IE. have two offers running and see if one or both accept. Or if I should cancel how do I do that, in writing or verbally?
Any help gratefully received.
Snivag
PS Can't remember how many agents haven't rung back or even acknowledged my emails, perhaps they don't need the money!!!

 

[Rixter]

Sounds like you didnt make your offers time sensitive ie expires at 5pm 17/4/10...that way it calls the other party to action and you find put yourself into the position you are now.

If so, experience for next time.

 

[snivag]

Thanks Rixter, does this mean that I can't put another offer on another house legally, as I said before I did tell the rea that I needed an answer by Saturday, I just want to get my facts right before I phone her.

 

[cu@thetop]

Tell them in writing you are withdrawing your offer immediately- you can usually do it before the offer is accepted.

 

[snivag]

Sorry cu@thetop, if the offer was accepted I would gladly buy the property in preference over the other one I am looking at. What I don't want to happen is that I look at the other property tomorrow and don't put an offer in whilst waiting for a reply from the first one, then miss out on both because the first one rejects my offer and the second one has an offer put in whilst I am waiting. Hope this is clear, has taken me 5 minute to try and understand it myself.

 

[Rixter]

Put it in writing to them immediately to with draw the offer at 5pm today. You can still make offers elsewhere as long as you put legal escape clauses in them. (which you should be doing anyway)

 

[snivag]

Put it in writing to them immediately to with draw the offer at 5pm today. You can still make offers elsewhere as long as you put legal escape clauses in them. (which you should be doing anyway)

Will do that, am now going to ring and tell her I am retracting the offer, and email her. Thanks for the advice, will make sure I put a time/date in the offer next time. I don't really know much (read anything) about legal escape clauses, will have to do more research, thanks for the advice next time I will put a time limit in. It's all a learning experience.

 

[Rixter]

I don't really know much (read anything) about legal escape clauses, will have to do more research,

Examples of escape clauses....

Subject to finances, pest inspections, building inspections, independent valuations all satisfactory to the purchaser. Subject to business partners and/or your satisfactory inspection. Subject to the sale of another property etc etc etc.. the list of options are as many as there are purchasers. All depends on ones individual circumstances.

I hope this helps.