All Forum Posts by: Ryan Bird

@John Clark

Based on the responses looks like contract allows for cancellation within 5 days for any reasons. But you’re saying it’s possible for sellers to charge for breach of trust? The two doesn’t add up.

My real estate agent told me that a buyer can cancel an executed contract within 5 business days of signings for any reasons. Is this true? Are there any exclusions?

Reasons is because I was planning to give multiple offers and wanted to get out of another in case my first priority home gets accepted at my price.  

Is it true that in Illinois buyer can back back out of a contract in 5 business days of signing for any reasons? Are there any exclusions?

Question on what warrants a procuring clause for buyers agent.. Here are the details - we haven’t signed any contracts with any of the buyer agents. Agent 1 found and showed us a house H1 which we liked but said sellers are not looking to accept our offers at 550k after talking to their agents and said they rejected previous offers at this price. We switched agents since agent 1 was not good at negotiating (not for just this house). Agent 2 showed H1 again and said we can go at 550k price and she said sellers of H1 might be willing to go at that price. Is this okay to go ahead with an offer with agent 2 or did the procuring clause has happened with agent 1 as she showed us the house first. Also, agent 1 owns another property (very similar) in the same community and may not want the property values to go down so it is possible that she is not willing to low ball for that house. What are your thoughts on this even if we don’t account for the last point (buyer agent having a house in same area and may have conflict of interests)?