Posted by Courtney - OR on July 25, 2005 at 24:40:44:
We stopped by a SFR FSBO open house today and ended up getting the house under contract. She had been fielding inquiries all day and turns out, she had another offer (Buyer #1) right before ours that she signed off on as well. She told Buyer #1 that she would be still be taking other offers subsequent to his.
Our contract price was higher, no contigencies, faster close, same Earnest $. Do the strengths of our contract matter at all since we came in behind the first signed contract? Is the Seller legally bound to the first contract signed with buyer #1 or do we have some recourse here to pursue? Seems that this could get sticky and is more complex than just the Seller “choosing” the best offer. So, the Seller now has 2 different buyers on contract for the same property. Buyer #1 says she must take their offer over ours since they were first in line. We left it with the seller that since we now are in contract with her, we would consult with our RE attorney first thing in the AM and get back to her ASAP to get resolved.
Any advice, experience is greatly appreciated!
Courtney