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Additional Details
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Simply Put | If you sign the paperwork to buy a house, can the realtor let someone with a better offer take the house? |
My aunt is buying a house. It's been on the market for about 3 or four months, that I know of. They applied and they have been negotiating back and forth with the realtor and the owner of the house. After months of waiting, the realtor told them to go over to the house and to sign some papers. It took hours to sign all those papers and weeks for them to get a loan but they managed and supposedly, the house was theirs. Now the realtor hasn't called them back since then and when they called her to ask what's going on, she said that someone else was looking at the house with a better offer. They can't afford to go any higher and they were approved with a loan to pay 100% of what they're asking for. They're trying to get out of a neighborhood that's been going downhill since the army base near by closed in 1993. Crimes (one murder and many home invasions) and sex predators have taken over their current neighborhood and they really want to move.
Is it legal what the realtor did?
Additional Details
I'm going to see her this weekend. I'll ask for a copy of the papers and give you more details. I appreciate everybody's answers. If you want to keep helping me, I'll post more details Sunday at 10 a.m. Atlantic time. Thanks again. |
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Kathleen M
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Did your Aunt sign a contract and did the sellers sign the contract? If so, you need to read the contract, or better yet have a lawyer review it. They put contingencies in contracts, like the sale is contingent on your Aunt getting a loan. Or sometimes, the seller accepts the buyers offer, but reserves the right to sell to another person if they come a long with cash or such. Also, contracts are usually only good for a certain amount of time. If it's been monthins since she made her offer, the closing date may have passed, and the contract is null and void. You really nee to have a lawyer review the contract and advise your Aunt, right away. |
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Amanda H
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It's called a "bump" offer, but typically bumps are only allowed if they are written into the contract that bumps are possible.
If they didn't write that in, the seller has a legal contract with your relatives and can't just back out. You need to review their contract and make sure that your relatives have followed through with everything on time-- "months of waiting' seems REALLY odd. Typically you go back and forth for about a week and once you reach an agreemnet, you close within a month. |
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d2pain
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I need to know what kind of paper work you signed first.
If it was a contract for the sale of property, then they cannot find a better offer.
First of all, you should get an attorney when buy or selling property. |
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kthor
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FYI : the market is in bad shape right now for them to say they have another offer is crap!
go make another offer on another home.
is your aunt's realtor an idiot ? get another one that's full time, not part time ...if papers were already signed sellers accepting offer, then it should be as good as you aunt's home, except if your realtor screwed up - trust me a lot of them do..(part timers and full timers) some of the screw up agent do are , never faxed back final counter offer or any docs, dont communicate with other agents (communication is the key to a successful transaction)
and if your aunt dont know what's happening, then get another agent |
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noone
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It sounds to me that the only way the realtor and the seller can get away with seling to someone else is if the seller accepted the offer that the other people submitted prior to the seller accepting your aunt's offer. Additionally, real estate transactions often have certain contingencies that must be "lifted" by either the buyer or the seller and if a contingency is not lifted, the other party is said to have breached so the house can go back on the market. For example, your aunt holds an inspection contingency, which means that even after she made an offer, she can get the house inspected. if she doesnt' like what she sees, she will not "lift" the inspection contingency and can back out of the deal. On the other side, the seller often has a "loan contingency" which means that the buyer must secure a loan by a specific date and have the lender provide proof to the seller that a loan is in place. If no such proof is received, the seller will not "lift" the loan contingency thereby disqualifying the buyer from moving forward. If the loans went through smoothly for your aunt and the seller was given proof of the loan being in place and no other contingencies existed, the only way for the seller to sell to another party (as mentioned above) is if the seller accepted the other party's offer before they accepted your aunt's offer. if this is not the case, your aunt should consult with an attorney and force the house sale to be completed in her name. There are a lot of shady real estate agents out there, so don't let their smile, their dress or their car trick you into thinking they are all honest. They work on commission so the higher the selling price the more they receive. Greed can get to many of them and many risk illegal conduct just to get a few hundred extra dollars. Don't get me wrong...many are honest, but there are bad apples in every profession. Good luck, hope this helped. Again, I recommend talking ot a lawyer if you feel uncomfortable about this. A couple of thousand bucks invested may be the best money your aunt ever spent, especially if it results in her getting the house and reporting illegal activities of the agent to the appropriate licensing authority. |
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Rutlandgirl
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I agree. You must find out what papers were signed to know if it is legal, and yes, get a lawyer. I bought my place 4 yrs ago and di all that, and damn am I happy I did |
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BoomChikkaBoom
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in NJ, once you are out of attorney review, thats it. No more offers can be considered. |
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Karen R
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Did they actually have a sales contract with the seller? If so, I would read it and see what was agreed too. It should all be in there. |
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Joe H
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It honestly depends on what papers they signed. Technically the owner of the house until it is signed over with a contract of sale has the right to do whatever they please with the property. If they're approved through the lender for a certain amount and they have the financing in place they don't have to go with that exact house. How unfortunate it may be but if the seller wants to look for the greener pastures it might be best to look other places. It's possible that the people that made the better offer are just going to fall through anyway and then the seller is left with a house that is still not selling. |
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j pringle
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if your aunt signed the deed of the house over to her name or to the loan company, then the house is hers. However if the deed isnt in her name, and you havnt signed anyother papers saying the sale is final then they might be able to get away with it. Read the papers carefully. |
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june crow
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Depends on whether you have closed. I don't think you did.
It sounds like you made an initial offer and another offer came in. That's perfectly legal. You may want to avoid a bidding war. You're just having bad timing.
Once you close, the house is yours. Nothing can change it.
By the way, don't worry about it too much. It's a buyer's market right now. I would NOT get into a bidding war. There's too much property out there. Don't get settled on a house either. Things happen.
One other thing. Sellers have rights too. They have the option to search for the best offer. Don't forget that. |
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Price is what you pay for value.
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http://biz.yahoo.com/brn/060909/19463.html
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
How to value a property during market downturn?
Housing market continues to slump. Now we can calculate true value of a property easily. As price decline, we don't need to guess and factor in the potential price appreciation while calculating home value. Without the guesswork, figures are more accurate.
Let's use following example:
Today, a typical 15 years old, two bedrooms condo/townhouse is priced around $500,000 and $550,000 in Sunnyvale, California. Rent for similar condo/townhouse is $2000/month.
If you are a home owner, $2,000/month in rent means $20,000 a year in profit ($24,000 per year in rent, minus $4,000 maintenance costs). A $20,000 income is equilevant of owning $400,000 bonds or CDs, because current yield of 30 Years U.S. treasuries are 5% (5% of $400,000 is $20,000). Bank CDs have similiar yields.
In our example, the two bedrooms condo/townhouse is 20% to 25% overpriced. They should be priced at $400,000.
It is interesting to note that if we redo the calculation from buyer's perspective instead of seller's perspective, the figures are even more shocking.
Mortgage payment consists of two parts: mortgage interests and mortgage principal. The interests portion is similar to rent. If you pay interest, it disappears and doesn't add equity to the property. To fully simulate characteristics of renting, we assume buyer will apply for a zero down, interest-only loan.
It turns out that rent of $2000/month is equivelant to mortgage payment of a $340,000 loan at 7.0% APR. And comparing $340,000 loan to $500,000 or $550,000 price tag, from buyer's view, the two bedrooms condo/townhouse is 30% to 35% overpriced.
One may ask, why is there a discrepancy between two perspectives of the buyer and owner?
The discrepancy is a result of 2% differences in interest rate that buyer borrow comparing to yields of bonds and CDs that owners would get. We understand that buyer would always pay more. That is the premium of buying to own. However, looking from home owner's perspective, current housing market is probably 20% to 25% overpriced. We recommand investors to wait for a better entry point. |
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xrionx
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the realtor can only do that if the house fell out of escrow. but if your parents had funding, and there was a written signed agreement by both parties (buyer and seller) then the contract is complete.
i would seek legal counsil. good luck |
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Me
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ask your aunt if they signed a contract saying the seller has accepted her offer if yes no one else's offer can be accepted because of the contract You aunt can take the realtor and the seller to court for damages if they broke the contract. CALL some real estate offices and ask around for advice. |
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Mississippi
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No, I don't think that is legal, a signed contract, signed by the buyers and sellers, is a legal document. If I was your aunt I would see a lawer. Once the contract is signed it becomes legal. I would check out www.realtor.com, click on buyers in the left hand side of the screen. I wish your aunt the best of luck. |
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eferrell01
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Depends on what it says in the fine print in the papers. generally ,when an offer is made and accepted, papers signed, it would not be legal. Another consideration: Have they paid anything on the house? If they have then the realtor's actions are not legal. |
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da_horror32
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If you made an offer and received an acceptance it would be illegal for the owner to sell the home to another person. A purchase agreement and joint escrow instructions is a bilateral contract that can only be dissolved by both parties. Of course, the owner could claim some form of breach on your part and attempt to cancel the deal but even in this case, some communication should be inorder. You may need to contact that agent's broker and/or ramp up to an attorney. Specially if you have a deposit in play. Moreover, if your family still wants the home, you could look into suing for 'specifc performance' in which a court of law could force the seller to proceed with the contract. |
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