24-hour kick-out contingency

What is the name of your state? Georgia

We have a mutually accepted bid agreement on a home, however as part of that agreement there was a buyer-home-sale contingency with kick-out option, given 24 hours notice.

We were actually taken up on the clause as our agent verbally assigned us formal notice that we were on the 24 hour clock to either drop our home-sale contingency and purchase the home via other means, or dissolve our bid agreement so a new bidder could have the house.

We decided to let the house go, as we were not confident about our home-sale in enough time, and admittedly we had a bit of buyers remorse. Our agent was told to go ahead and agree to the kick-out, thus terminating our agreement, we signed paperwork, and began looking for another house. We found one that fit us even better, and expected to put a bid in on it, but have now been told we can't.

You see our agent hesitated before giving the seller's agent the news. At the deadline, she informed the seller's agent that we agreed to dissolve our agreement, and she was then told there was an error on the incoming bid and that the 24-hour notice given prior was invalid. Thus our agreement was still binding and our termination paperwork remained unsigned by the Seller to release us.

We are confused, as to how formal notice can be given and then rescinded once they hear our response. We want out of this contract, now more out of principle than anything, as something seems fishy. The Seller's are taking their sweet time in deciding whether to sign the termination agreement paperwork, or hold us to it and we feel incredibly frustrated, helpless and angry.

Our agent now gives us half answers, and says her hands are tied to push this along toward resolution. Shouldn't there be a timelimit??

What are our rights?

[HomeGuru]

Originally posted by missizgreen
What is the name of your state? Georgia

We have a mutually accepted bid agreement on a home, however as part of that agreement there was a buyer-home-sale contingency with kick-out option, given 24 hours notice.

We were actually taken up on the clause as our agent verbally assigned us formal notice that we were on the 24 hour clock to either drop our home-sale contingency and purchase the home via other means, or dissolve our bid agreement so a new bidder could have the house.

We decided to let the house go, as we were not confident about our home-sale in enough time, and admittedly we had a bit of buyers remorse. Our agent was told to go ahead and agree to the kick-out, thus terminating our agreement, we signed paperwork, and began looking for another house. We found one that fit us even better, and expected to put a bid in on it, but have now been told we can't.

You see our agent hesitated before giving the seller's agent the news. At the deadline, she informed the seller's agent that we agreed to dissolve our agreement, and she was then told there was an error on the incoming bid and that the 24-hour notice given prior was invalid. Thus our agreement was still binding and our termination paperwork remained unsigned by the Seller to release us.

We are confused, as to how formal notice can be given and then rescinded once they hear our response. We want out of this contract, now more out of principle than anything, as something seems fishy. The Seller's are taking their sweet time in deciding whether to sign the termination agreement paperwork, or hold us to it and we feel incredibly frustrated, helpless and angry.

Our agent now gives us half answers, and says her hands are tied to push this along toward resolution. Shouldn't there be a timelimit??

What are our rights?

**A: have a meeting with your agent, your agent's principal broker and get it resolved.