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October 11, 2007
Accepted & Rescinded offers
I recently bid on a property and the broker accepted the offer and requested I send over my attorney information. I contacted the broker 2 days later and he tells me that a higher offer came in and was accepted and I took too long to provide him with my attorney information and he wasn't sure I was serious. Can a seller accept one offer and turn around and accept another offer? Do I have any recourse here?
Comments
Unfortunately No Recourse I can see. Until you are in contract, both buyer and seller can techinically pull out. This happend to us twice when we purchased our place.
Posted by: newsouthsloper at October 11, 2007 4:36 PM
Put it this way, if you were a NYC rodent and some human ran over your sister-in-law in a Blue Ford Focus with NJ plates you would have more recourse from the law.
I had a seller not only accept multiple offers but send out multiple contracts and delay counter-signing my contract (check lost in attorney's office, question about spelling of my name on the check etc.) while trying to cash and clear the other contract. I pulled my offer on principle and canceled my check when I found out. As Karma would have it the other buyer's check bounced, and the property is back on the market. If it drops another $100k my principles may waver.
So in a word, suck it up and walk on.
Posted by: guest at October 11, 2007 4:39 PM
Love your rat analogy 4:39...
Posted by: newsouthsloper at October 11, 2007 4:42 PM
Yes, my seller accepted my offer and then sent out another contract to someone else and then said whoever gets the contract to her the fastest gets the building. Unbelievable. The accepted offer document is absolutely meaningless.
Posted by: donatella at October 11, 2007 7:10 PM
Flip side of it is that your bid means nothing to the seller until the contract is signed too. How many times has a buyer made a bid and then changed their mind after they saw something better?
Posted by: guest at October 11, 2007 10:16 PM
not to sound rude, but why did you wait 2 days?
Posted by: guest at October 12, 2007 10:30 AM
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