If we accepted and signed a seller’s counteroffer, doesn’t that mean we have a contract?

My husband and I want to by a home. We put in an offer in for 64k with the seller to pay $1900 in closing costs. After waiting a week, they counteroffered for 65k and they will pay the $1,900 in closing costs. It was a Friday and we accepted the offer through email. They sent us papers and we signed them Sunday. However, on Monday they said that other offers came that morning and that we needed to send them our best offer by 3 pm Tuesday. We sent them the counteroffer that we accepted from them and we still haven’t heard back. Since we accepted and signed their counteroffer, doesn’t that mean we have a contract or can they go with someone else?

Asked on May 27, 2012 under Real Estate Law, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

It would be best to be able to read the document that you signed.  But I bleive that it is the Offer to Purchase which, in my understanding, is legally binding on the sellers once it has been accepted.  I think that it is time that you go and seek legal counsel in this matter. Good luck.


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