Had a verbal acceptance of a Real Estate counter offer we made last Friday but since this offer goes through a relocation service I was told that the paperwork would have to be done on Monday. However, they continued to have open houses over the weekend and got a better offer on Monday. Was I "in contract" on Friday when the seller verbally accepted? or am I out of luck because I did not have a signed acceptence that I would have had if the relocation company was not an intermediary and I was dealing directly with the seller? Seems like the way the relo contract paperwork reads the seller could just about back out any time until closing based on the fact that there is a clause that indicates that if the seller does not sell to the relocation company, the relocation company does not have to sell to you. So it seems like the seller can say "yes, I accept... but stall a long time based on 'paperwork stuff' to back out if they want to... like if they get a better offer.
2006-11-29 14:10:15 · 3 answers · asked by Peter H 1 in Business & Finance ➔ Other - Business & Finance
No.
US law dictates that any sale of goods or services over $500 has to be in writing. If I remember my real estate law class from university correctly, it's called the UCC (Uniform Commercial Code). Verbal contracts are non-binding in this case.
The written contract takes precident. And here, most real estate sales contracts are worded so that they can back out anytime they want to.
I learned this the hard way where the same thing happened to me, where a seller backed out on a verbal contract after promising to sell a house to us. My wife and I quit our apartment in the Bay Area and were effectively homeless unless we could find a new house. We ended up tracking them down, begging them to reconsider. Contacted a lawyers, but as you already know - didn't have a leg to stand on.
It all worked out in the end. I didn't go homeless. If you believe in Karma, then what comes around goes around. Don't get pissed, just know that bad things eventually happen to people who don't live an honest life.
2006-11-29 14:48:27 · answer #1 · answered by csanda 6 · 0⤊ 0⤋
You should have given a deposit and gotten a hand written, yes I'm agreeing to sell to you - not written, not said, so sorry, they're not obligated to you because there is no earnest money or agreement.
2006-11-29 14:14:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, it needs to be in writing.
2006-11-29 14:14:04 · answer #3 · answered by Phil O' Brien 3 · 0⤊ 0⤋