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Real Estate Law Question
Posted on 12/5/08 at 2:39 pm
Posted on 12/5/08 at 2:39 pm
So I put an offer in on a short sale home and the sellers accepted it and signed the contract.
Then today the real estate agent tells me that someone else put in a higher offer, and the sellers accepted and signed that contract too. They've sent both offers to the bank to consider.
My real estate agent says that because it's a short sale, that it is legal to accept multiple offers.
Can anybody back that up?
(I know laws tend to vary by state, but I just want to see if anyone thinks this is total bullshite at all.)
Then today the real estate agent tells me that someone else put in a higher offer, and the sellers accepted and signed that contract too. They've sent both offers to the bank to consider.
My real estate agent says that because it's a short sale, that it is legal to accept multiple offers.
Can anybody back that up?
(I know laws tend to vary by state, but I just want to see if anyone thinks this is total bullshite at all.)
6
Posted on 12/5/08 at 3:21 pm to WikiTiger
knowing what state would help.
Posted on 12/5/08 at 4:26 pm to WikiTiger
quote:
So I put an offer in on a short sale home and the sellers accepted it and signed the contract.
Then today the real estate agent tells me that someone else put in a higher offer, and the sellers accepted and signed that contract too. They've sent both offers to the bank to consider.
My real estate agent says that because it's a short sale, that it is legal to accept multiple offers.
Can anybody back that up?
(I know laws tend to vary by state, but I just want to see if anyone thinks this is total bullshite at all.)
Sounds like bullshite. Unless the seller has reserved the right to accept multiple offers in the contract then they don't have the right to accept another one. It all goes back to whatever's written in the contract addressing that situation. Now, they could accept a back-up offer without you having had verbiage about that in yours but you would still be in first position as far as acceptance goes. Were you represented by the realtor that has the property listed or by your own realtor?
Posted on 12/5/08 at 4:57 pm to chopsigep
quote:
Sounds like bullshite. Unless the seller has reserved the right to accept multiple offers in the contract then they don't have the right to accept another one. It all goes back to whatever's written in the contract addressing that situation. Now, they could accept a back-up offer without you having had verbiage about that in yours but you would still be in first position as far as acceptance goes. Were you represented by the realtor that has the property listed or by your own realtor?
We are represented by our own realtor. She is the one that said they are allowed to do this. Even if it is legal, it still rubs me the wrong way and kind of pisses me off. I'm thinking about just getting up and walking away from this deal and moving on. There are way too many deals to be had right now, no point in getting worked up over one.
Posted on 12/5/08 at 4:59 pm to WikiTiger
quote:
We are represented by our own realtor. She is the one that said they are allowed to do this. Even if it is legal, it still rubs me the wrong way and kind of pisses me off. I'm thinking about just getting up and walking away from this deal and moving on. There are way too many deals to be had right now, no point in getting worked up over one.
if anything doesn't feel right. walk. You are making a large purchase, if you don't feel comfortable with it then its not worth doing.
Yes, its ok to be nervous but you need to be at peace with yourself.
Personally waiting is a good idea. You think the deals are good now, they will only get better.
Posted on 12/5/08 at 5:55 pm to WikiTiger
If you have a signed contract then multiple offers don't matter. Do you have a copy of the signed contract? If not, you should get one immediately. I repeat, if the contract is signed, the agreement is binding.
If your realtor told you this is ok, then talk to a lawyer. She's wrong.
If your realtor told you this is ok, then talk to a lawyer. She's wrong.
This post was edited on 12/5/08 at 5:58 pm
Posted on 12/5/08 at 7:05 pm to WikiTiger
quote:Do you know what a short sale is?
So I put an offer in on a short sale home and the sellers accepted it and signed the contract.
You need to read your contract, AND you need to find out the situation the seller has with his mortgagee.
You don't want to screw yourself.
Posted on 12/5/08 at 7:08 pm to WikiTiger
Before you decide to walk away, find out what remedies the seller has against you if you do walk away.
Posted on 12/5/08 at 7:48 pm to just me
quote:
Before you decide to walk away, find out what remedies the seller has against you if you do walk away.
None. There is a stipulation in our agreement that we can walk away at any time during the process until the bank approves the short sale. And yes, I know what a short sale is.
Posted on 12/5/08 at 8:27 pm to WikiTiger
Well if its in foreclosure its going to be up to the bank. The seller did nothing more than agree to your terms, but if they are in default the bank will have final say so. Happens all the time make sure you get a copy of the contract.
Posted on 12/5/08 at 10:31 pm to Herb
depends on what the contract says. He should actually read it first before he gets on here.
Posted on 12/5/08 at 11:05 pm to prplhze2000
quote:True, but if it's a standard contract to buy and/or sell, and it's signed by both parties, then it's binding. Period. One of the remedies is specific performance. He should ask the question of a lawyer.
depends on what the contract says.
But, I do agree, it depends upon the contract. Normally, I send the bank my contract, with a buyer's offer. And, the bank either signs that contract or returns it's own contract for the buyer to sign. I've seen it done both ways.
This post was edited on 12/5/08 at 11:09 pm
Posted on 12/6/08 at 7:24 am to MileHigh
quote:
Personally waiting is a good idea. You think the deals are good now, they will only get better.
+1
Posted on 12/6/08 at 8:46 am to prplhze2000
quote:
depends on what the contract says. He should actually read it first before he gets on here.
quit being a douche...I read the contract. It mentioned nothing about this. It's just a standard purchase agreement contract.
Posted on 12/6/08 at 9:18 am to WikiTiger
How about I kick your azz?
Posted on 12/6/08 at 9:29 am to prplhze2000
Oh snap
Posted on 12/6/08 at 10:14 am to WikiTiger
quote:Then tell your agent that you're demanding specific performance. And, see a lawyer if you get any resistance. The bank is well aware of your legal standing.
I read the contract. It mentioned nothing about this. It's just a standard purchase agreement contract.
Posted on 12/6/08 at 10:39 am to Herb
yup.
Posted on 12/6/08 at 2:07 pm to Herb
quote:
Then tell your agent that you're demanding specific performance. And, see a lawyer if you get any resistance. The bank is well aware of your legal standing
seems to me like the bank is the one losing money. the seller gets the same either way. the bank not agree to one contract and agree to the other. the current owners are not in a position to perform unless the have the money to come to closing with, then it would not be a short sell.
Posted on 12/7/08 at 10:45 am to WikiTiger
Bump this Monday with the specific state. I'm curious enough about this to see if I can find out.
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