Offer gets accepted, but the buyer has remorse...

did you sign a contract? if not, nothing binding.

it's not me, it's a very good friend getting (very rightly so) cold feet. he's in a bidding war and is crossing his fingers to lose (so i guess he did sign it?). i'm afraid to ask him! don't want to show him the CS showing home prices with accelerated declines in his city ... giving that he might win it.

but then i thought, maybe the optimal thing to do is not to follow through with the offer? like retracting the offer? is that possible?

i have 0 experience in this, so does he... please help!

if he is in a "bidding war" (I guess "best and final") your friend can just retract the offer. It happens more often than you may think, especially in cases with multiple offers.

if he's in a bidding war, this means that his offer has not been accepted. he can remove the offer.

great! thanks guys :-)

bidding process is usually before an accepted or signed contract. It is easy to back away if there is no signed contract.

None whatsoever.

If seller has accepted contract by signing and returning it buyer is bound. If not, seller
can withdraw offer by fax.

So...how would you feel if you were the seller here?

columbiacounty raises an important question here.

Oral agreements mean next to nothing in real estate. All dealings have to be in writing. No writing, no binding deal. Sign something--it all begins to change.

Yes, in this case, you, I amean your friend are lucky. SInce there has bene no acceptance of your, I mean your friend's offer, there is no contract and you, I mean your friend, can walk.

i'm afraid to ask him! don't want to show him the CS showing home prices with accelerated declines in his city"

The CS does NOT show this. The CS excludes 99% of Manahttan inventory. Follow the Miller Samuel reports. They are more reliable.