In Texas, when you have a meeting of the minds with a signed, fully executed real estate contract, it's pretty hard to just void that contract. Contracts are legally binding.
I see a lot of consumers posting on public real estate forums things like, "I have a contract to purchase a house, did my inspections, asked for a couple of repairs, and now the seller is selling to another buyer for more money..."
The above cannot happen in Texas. I don't know what other states' contracts say, as I'm only versed in the Texas contract. In TEXAS, just because you, as the buyer, asked for repairs does not automatically void the contract that is already executed.
If both parties agree to amending the contract, making a change, then that executed contract has been changed. If ONE party asks for a change, and the other party does not agree to the change, there is still a contract in place. Asking to change the contract doesn't "open" the contract up, as many consumers say on these public forums.
One guy even bragged about how the buyer asked for a couple of repairs, so he took that opportunity to sell to another buyer for $7000 more. What? He already has a CONTRACT! You can't just ignore the contract and go sell to someone else. Not sure how the buyer's agent on that transaction allowed it to happen (this was a FSBO so no agent on the seller's side), but that could not happen in Texas.
Yes, there are many ways out of the contract, but "asking" for a change does not change a contract. Both parties agreeing to a change can change a contract.
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Copyright© 2014 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.*Did My Contract Void Because I Asked for a Repair?* was first published on donnahomesblog.com.