Do I have to accept a Full Price Cash offer when my property has been temporarily withdrawn?

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Do I have to accept a Full Price Cash offer when my property has been temporarily withdrawn?

I listed my house and received a full cash offer 9 days later. During inspection, septic system failed, and we could not come to an agreement. The contract died. I decided to have my agent temporarily withdrawn my home so I could address the issue. My question is can the buyer come back now offer me a full cash offer now with a septic contingency while I am off market and without contract?? Am I obligated to accept it without consequence??

Asked on February 21, 2019 under Real Estate Law, New Jersey

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Absent some form of legally actionable discrimination, a sller is under no legal duty to accept an offer, no matter if it is for the full (or more) asking price. Further, once a contract has been terminated by a party, it cannot be reinstated unless the other party agrees to it.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, he can't: a seller is never under any obligation to accept any offer, and may always turn down full price or even over-full price offers. (So long, that is, as he is not rejecting it due to the buyer's race, religion, ethnicity, etc.) And once a contract is withdraw or terminated it is over, and the other party cannot force you to reinstate it.


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