We are in a process of buying a townhouse listed in Northern Virginia. We are the unrepresented buyer for the townhouse. The listing agent helped us to submit an offer. Eventually we had a contract signed by both seller and buyer on Saturday. After one day (on Sunday), we found that we wanted one change (from "Buyer will occupy Property as Buyer's principal residence" to "Buyer will NOT occupy Property as Buyer's principal residence"). The agent said she would make a addendum for this change. She also said that the seller wanted to change closing day one week earlier than the date documented in the contract. We agreed to close one week earlier. The listing agent then sent us the addendum listed these two items. We (buyers) signed the document immediately. And then on Wednesday, the listing agent sent us a new addendum. In the new addendum, the seller added a third item to the original addendum. The third item states a new selling price for this townhouse (much higher than the price documented in the contract). One day later (Thursday) we told the listing agent that we don't want the addendum any more and we would stick with the original contract. The listing agent said we can't go back. Once we submit an addendum, it is open up for new negotiation. We can only accept or reject or start to counter offer the seller. Would you please let us know your opinion. Any advise is great helpful. Thank you!
1 Answer from Attorneys
If you had a fully ratified contract, that contract remains valid unless and revised by a modification or addendum agreed to by both sides. So the original contract is still valid since there was no addendum signed by both sides.