Quote:
Originally Posted by Bcwcardz
I remember as a buyer of real estate I had a certain amount of time(I think 48hrs) to change my mind. I don’t think a seller has that right. For sports cards I don’t think there is any precedent for the situation. I really wouldn’t bother if I got refunded. That’s me though and I’m not much for confrontation.
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In real estate transactions the seller can and does change their mind. It is not the most prudent thing to do, but it does happen, especially when they discover they can get more money from another buyer. The downside is that the buyer, if they want the property bad enough, can file an action in civil court for specific performance to compel the owner to sell to them. Some cases are found in favor of the original buyer. Depending on the offer and the P&S (Purchase and sale) agreement, you could back out as a buyer well after 48 hours. The property failing inspection is one reason to void the offer. Another example would be if the property is not marketable, where the title can stand on its own without any defects. It could be insurable, where the title insurance company is willing to insure over the defects based on risk analysis, but not marketable. Most offers and P&S's will say insurable, but I have always added the words 'must be marketable, not just insurable' when I have purchased. Disclosure: 33 years as a title examiner and know quite a bit more property law than a great percentage of attorneys.