If you're planning on making an offer for a home be sure about it first. In most cases an offer cannot be revoked and is set in stone. Too many people put in an offer thinking that they'll think about things and make a final decision later but this is never a good idea. The offer you make should never be taken lightly since it is irrevocable until its expiry date, its acceptance or rejection.
If you look at the OREA form for making an offer it is a document that cannot be revoked. It is a legal contract with a seal without consideration containing an irrevocable provision. The offer stands as it is until it is either rejected, expires or is accepted. If it is accepted the property is yours.
The only way that an offer can be withdrawn is if there is a unilateral mistake on it. An example of this would be an offer put in for $3 million instead of $300,000. If the asking price for the home was $325,000, it is clear that an error was made on the document. Without this type of mistake appearing on the offer it cannot be revoked.
If you're not quite sure about a property that you're viewing don't put in an offer. It's as simple as that. You should never attempt to purchase real estate that you don't absolutely love anyway. When you find a home that you want to move into you'll know with full certainty that an offer should be made.
This, however, is not to be confused with fear. It is natural to be afraid to make an offer even when you're sure that you want the property. You'll know deep down that you want the home but it still seems threatening to actually put pen to paper and make that type of commitment. This is natural and normal.
If you ever find yourself hesitating about a property because you still have some doubt resting on your shoulders, put away the papers and don't sign them. Once the offer is signed and submitted you don't have a legal way out unless an obvious error appears on the document.
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