I looked at a Property in Wisconsin and made a verbal offer through a real estate agent. The ownwer accepted but now I am not sure I want the property. I wrote a $500.00 check will I have to forfit the $500.00 and am I legaaly bound by the verbal agreement.

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Originally Posted by Joyced

I looked at a Property in Wisconsin and made a verbal offer through a real estate agent. The ownwer accepted but now I am not sure I want the property. I wrote a $500.00 check will I have to forfit the $500.00 and am I legaaly bound by the verbal agreement.

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I'm in NY and I've never heard of anything like this - a deposit through a real estate agent without a contract or proposed contract?

At any rate - yes, you will forfeit your deposit. The owner could sue you for any lost revenue, extra expense, caused by your failure to follow through. Will the owner spend the time? Depends on how much time elapsed between the agreement and you changing your mind.

It would be very expensive to sue you for the entire purchase price and force you to complete the sale so I doubt that will happen.

Did the owner give you a written acceptance of your offer?

This is one that will end up in court,

Real estate is controlled by written contract, ( not that I don't buy and sell by verbal agreement at times myself)

So you may be able to get out of the purchase, since terms are not set, such as inspection, final sell price and more.
But on the other hand, they may be allowed to keep the deposit also.

And of course the real estate agent, may well get in trouble with the license department, since they are not suppose to be doing any transactions not on proper state approved forms.
There is specific offer and acceptance forms that are required with the person

I'd say to just tell the agent you have had seconds thougts about the deal and feel something is wrong and withdraw the offer. Then you will see if the $500 gets back to you