Can I do this in Los angeles county. I am trying to do this just in case one won't accept me since I submitted low-ball offer. Is this legal or does the residential purchase agreement which I signed prevents it?
2007-06-18 08:16:39 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you signed a buyers agent form with either of them, check it as those are generally exclusive "right to represent" contracts. If you do not have a signed representation agreement though on the unethical side, it is not illegal. If you have signed an agreement then if one finds out about the other you can have some legal and financial troubles. (One or both can sue you for the lost time and potential income.)
As the other person mentioned, if under a strange alignment of the fates, both accept your offer, you will most likely loose the earnest money you put down on the one you don't take.
2007-06-18 08:23:44 · answer #1 · answered by ALittleAboutALot 2 · 0⤊ 0⤋
Of course you can do it, but doing so is actually more stupid than a box of common rocks. What will you do if BOTH offers are accepted ? Are you prepared to buy both properties ? What will you do if one of the sellers decides to sue you for specific performance of the accepted offer to purchase ?
Use you noggin here. ONE house at a time.
I beg to differ with yuzi above. An accepted offer to purchase can ONLY be withdrawn with the agreement of both parties. An accepted offer to purchase is a legal and binding contract.
2007-06-18 09:22:24 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
It's not illegal, but it is not smart.
If either of your agents has an exclusive right to represent you as a buyer signed by you, you have violated this agreement.
By entering into a pair of contracts to purchase, if both offers are accepted, you are going to lose your earnest money on one house.
2007-06-18 09:23:13 · answer #3 · answered by godged 7 · 0⤊ 0⤋
rules variety, yet often there’s no requirement of written information of rejection. they only could positioned up something in writing in the journey that your furnish replaced into extensive-unfold or countered. counting on what % decrease than checklist that $15K replaced into, the client would felt which you weren’t prepared back up plenty so a counter furnish wasn’t particularly worth their attempt. Your agent’s job is that can assist you get the domicile you decide on for. I comprehend to you think of your agent is pondering their fee, even though it’s extra probable they have been thinking approximately how the seller might react on your furnish. I’m going to assume the checklist fee in this domicile replaced into $one hundred fifty,000. At $one hundred fifty,000 & a three% fee, your agent might have made $4,500 (formerly paying a hundred% of their very own payroll taxes and their broker provider’s proportion) vs. $4,050 at $a hundred thirty five,000. Do you quite think of your agent replaced into arguing with you over $450? i think of it’s plenty extra probable they have been doing their utmost to point you to make an furnish that would get you into the domicile you decide on for.
2016-11-25 21:39:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
depends on what is in the contracts you signed with the agents.( read the fine print ) most state that you will work only with that one agent.
what about you financing if you get two accepted offers.
I would say very illegal.
2007-06-18 08:23:38 · answer #5 · answered by Madisons' Mama 4 · 0⤊ 0⤋
you could've use the same agent for both offers.
and even if both offers being accepted, you can still withdraw one or both.
2007-06-18 08:26:04 · answer #6 · answered by yuzi1000 1 · 0⤊ 0⤋
Don't think it's illegal, other than if both offers get accepted. Then you will have trouble.
2007-06-18 08:19:23 · answer #7 · answered by Kathleen M 4 · 0⤊ 0⤋