owner backs out of offer
Recently, a seller accepted my offer to buy an apartment. Everything was great until roughly 20 minutes later. The broker for the sellers called back to say there were now other offers higher than mine and the sellers were reconsidering. Do I have any recourse? The new offers came in 2 hours after the “best…
Recently, a seller accepted my offer to buy an apartment. Everything was great until roughly 20 minutes later. The broker for the sellers called back to say there were now other offers higher than mine and the sellers were reconsidering. Do I have any recourse? The new offers came in 2 hours after the “best and final” deadline passed. Was the acceptance of my offer a verbal contract? I doubt it, but have to ask if anyone has had a similar problem. Thanks.
OP ain’t sayin’, because they still want the apartment.
But I think the guess above is likely correct, from what I’ve read in other posts here.
Who is the broker?
12:41 – Not that I like this process that involves ongoing multiple bids, but I’m not quite seeing the logic. Whether it is just an accepted offer, or an accepted offer after they use the words “best and final,” what’s the difference (as far as the buyer is concerned)?
Maybe it is because I never participated in a “best and final” thing, but the same concept would seem to apply in both situations – Seller has accepted an offer, and now can (legally) choose to either stick with it, or renege if another higher offer comes their way.
Maybe my distaste for this is why I never would participate in bidding wars when buying – whether “best and final” or not.
12:28, 12:52 –
There is NO signed purchase offer in NYC – nothing at allf or the buyer’s attorney to review or to messenger to the seller’s attorney. The offer is verbal only.
The seller’s attorney then prepares the first draft of the contract and sends it to the buyers attorney to review. That’s how it is done.
Buyer just makes verbal offer, gets verbal acceptance, then provides seller with buyer’s attorney’s name and address, and hopes seller’s attorney sends buyer’s attorney a contract ASAP so they can move forward.
Buyer doesn’t actually need an attorney lined up to make an offer, but does need one ASAP after offer is accepted, so as to be able to provide attorney’s name and address to seller ASAP after seller accepts offer, so seller’s attorney can send out a contract.
12:28 here…
Duh, there was no signed purchase agreement! I don’t think the OP (buyer) even has an attorney, or else they wouldn’t be asking for help here on brownstoner.
Chalk it up to experience and next time, get the purchase offer to your lawyer for review ASAP and then messenger that signed document to the seller’s attorney.
This is basic stuff, really.
It wasn’t only that the offer was accepted and then another came in. It is also that the other offers came in and were accepted AFTER the time for the best and final.
Any broker that does that should be outed. If a broker brings a client an offer and it is accepted, they still are obligated to bring them a better offer that arrives after if there was no deadline. If they used the best and final practice, then that should be held to.
What 12:28 says is true. And a seller may be tempted by a higher offer while your attorney is completing his or her due diligence, or the attorneys are going back and forth on contract points. A seller takes a risk in dumping the ‘bird in the hand’ for the higher offer, but some do take that risk and jump for the higher offer. Others recognize that they wouldn’t want to be treated that way when buying, so, on the principle of treating others as they would like to be treated, they don’t go back on their acceptance. It is really the seller who is responsible for making that decision, not the broker.
I think 8:17 and 1:48 are one and the same, and probably from Kansas.
To the OP – Verbal contracts don’t mean squat. If you are really serious about buying property, you need an attorney to help with any purchase offer and subsequent contract. You would be smart to get one lined up right now, as time is of the essence when buying.
It’s actually common to keep showing and marketing a property after a contract is out for consideration, as many would-be buyers can’t get financing or decide to walk away. Any smart seller will continue to show a property until the contract is signed and the buyers financing is verified.
Yeah, lawyer (another one here), I think that was so obvious – that the poster is nowhere near NYC and hasn’t a clue – that no one deemed it worth explaining. Like would I give advice on buying property in California? No way…