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.
You weren’t either – I wrote a post giving advice (nice advice) to the OP and you, and then just before posting realized you weren’t the same person. (It read as if you were the OP commenting again.) You be nice, and I will.
Sorry guest at July 7, 2008 4:47 PM-
I was commiserating with the OP- not looking for advice. Sorry to confuse anyone!
And to guest at July 7, 2008 4:47 PM- you aren’t being nice.
Park Place – do you think the OP would have thought they were legally bound to complete the purchase on their verbal offer? I thought not…
The broker isn’t supposed to do anything for you. Repeat after me: the broker represents the seller. Even if the broker who brings you to the seller is a different broker from the one who represents the seller, that broker also represents the seller. There’s no sale, and they don’t get paid, unless you buy. They get paid by the seller. It isn’t that difficult to understand.
Legal, yes. Ethical, no. Name the broker and the agency please.
brooklynjennie – is this the same apartment deal that ms0426 posted about? If not, stop being confusing and write your own post.
Question- after my first buying experience, I felt that the broker did nothing for us. It it possible to do this whole thing with just a lawyer?
we are having a problem just getting in touch with the sellers (well, the realtor is).
We put in an offer, they countered, we countered, then there were other offers (after 2 months of no offers) “The sellers liked us and wanted to work with us, but wanted our offer to be closer to the counter”- we eventually went to their counter. We still have not heard back and supposedly their realtor has left them messages.
The whole thing is making me and my husband sick. We were told that we would have an answer on thursday. At this point our offers are expiring. I am so mad. Do we have any recourse? probably not. Now I am really considering a buyers broker- so they can hound whoever.
If you REALLY want the place- and you can stomach the fact that it sounds like the broker is trying to shake you down for a few extra dollars, ask them outright what the magic number is. Ask them what you have to beat. Tell them that you’re willing to have the consider again at your higher offer, but that they need to decide quickly (like today or this week). Then expect that you might not get the place, but at least you can clearly navigate the negotiation.
Ask your attorney for advice- and also ask that the sellers attorney and your attny start talking immediately to arrange the contract if you get the offer in.
What broker and firm is this? Despite what the poster above chimed in with, you’re not an idiot for feeling like what happened isn’t right. It’s not illegal, but it’s really poor practice, if not unethical for a broker to accept an offer, and then call back to say it’s not accepted.