Posted by Natalie-VA on June 17, 2005 at 18:49:09:
Leslie,
I am a RE Broker, not an attorney.
A verbal RE contract cannot be enforced, so you really don’t have a contract until both parties sign off and initial all changes. All you have is offers and counter-offers.
They can review as many offers as they want and can sell to whoever they want.
My suggestion is to remind them that your offer was first and request that you be given an opportunity to match any other offer.
–Natalie
Contract - Posted by Leslie
Posted by Leslie on June 17, 2005 at 10:02:07:
I put a contract on a house and it was verbally agreed upon. We printed it up and gave it to the other agent to be signed. They decided that since the house was sold ‘as-is’, they wanted an addendum to be added. We did what was asked. Now, they say there are 2 more contracts and they sellers want to look them over before they decide. Is that legal? Are they not supposed to know about the other contracts until they ok or deny my contract? Because then it would be like an auction for the highest bidder?
Re: Contract - Posted by River City
Posted by River City on June 20, 2005 at 06:34:00:
It sounds like you are still in the negotiating stages and as long as offers are still coming in, the sellers can consider them. And, yes. The sale of a home is usually a sale to the highest bidder when you have more than one possible purchaser. Maybe you should “up” your offer. However, make sure your contract states that the property must appraise for at least the sales price. If it is not a part of the contract, handwrite it into the contract and initial it and have the sellers initial it. This way you will not be overpaying for the home.