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Dear Mr. Feichthaler:
I hope you are having a great 2022 so far. Over the holiday, I received an offer to buy my house. I read your columns, which have recommended that a sufficient escrow deposit be obtained. The offer provided for a $500 escrow deposit for my $370,000 house. Also, it provided for a closing Dec. 30. I wasn't ready to leave the house that soon (a week), either. So, I crossed out the amount of deposit and wrote $5,000, and changed the closing date to Jan. 14.
Now, I realize my house is worth more like $400,000 or more, and I really don't want to sell. The buyer now wants to close next week, but I never received anything back from the buyer after I sent him the changes. Do I have to sell it to her?
-- Terry M.
Dear Terry:
First, thank you for your New Year's greeting. 2022 is a lot like 2021, real estate is in high demand and prices have not subsided. As you have found, prices still are in an uptrend. Your situation is not un-common. The buyer presents an offer that requires a few changes, and a seller wants those changes in writing. When you made changes to the contract, you did not accept the original contract. Rather, you tendered a counter-offer to the buyer, which they were free to accept or reject. Your current situation will depend on the specific wording of the contract offer they provided you, but typically a lack of acceptance by the buyer of your changes means there is no contract. That is, no official "offer and acceptance." This would be the case even if they sent the original $500 deposit, or even the $5,000 deposit. However, your counter-offer may still be open and valid, which the buyer could accept at any time. If this is the case, and you don't want to proceed, you would want to inform the buyer in writing that the counter-offer you made is withdrawn. Until you withdraw it, that counter-offer could be open up to the proposed closing date of Jan. 14. These matters are fact-driven, mostly by the wording of the contract, so you should seek legal advice regarding your specific matter.
Selling a home is one of the largest financial decisions one can make, so I also recommend seeking counsel prior to signing any contract where significant dollars are involved.
I wish you and your family a happy and healthy 2022.
Eric P. Feichthaler has lived in Cape Coral for over 33 years and graduated from Mariner High School in Cape Coral. After completing law school at Georgetown University in Washington, D.C., he returned to Southwest Florida to practice law and raise a family. He served as mayor of Cape Coral from 2005-2008, and continues his service to the community through the Cape Coral Caring Center, Cape Coral Historical Museum, and Cape Coral Kiwanis. He has been married to his wife, Mary, for over 20 years, and they have four children together. He earned his board certification in Real Estate Law from the Florida Bar. He is AV Preeminent rated by Martindale-Hubbell for professional ethics and legal ability, and is a Supreme Court Certified Circuit Civil Mediator. He can be reached at eric@capecoralattorney.com, or (239) 542-4733.
This article is general in nature and not intended as legal advice to anyone. Individuals should seek legal counsel before acting on any matter of legal rights and obligations.