to my solicitor, and say whover completes first takes the properties? You see i dontwant to turn one away, the other doesnt complete for watever reason and then im back at square one! Is what im doing wrong ethically?
2007-07-27 22:47:12 · 3 answers · asked by navster01 2 in Business & Finance ➔ Renting & Real Estate
no contracts signed yet just verbal offers acceptted...
2007-07-27 22:57:08 · update #1
The rest of the folks make great points.
Disclosure and open communication is the best for all.
If the property is under contract for sale, then its already under contract. However, are there contingencies that allow for the buyer to back out (inspections, financing, sale of their current place, etc)? If so, ask the second party if they would entertain making their offer knowing that it is a back up offer.
The best for you is not to let the 2nd folks disappear only to have the first implode. It is real estate, after all. It ain't over until it's over.
If it's a race to close, with the winner taking it all, then disclose that. Sometimes a quick close is key to the seller. Again, let the second offer to arrive go into a back up offer in case the first implodes. (DISCLOSE THIS!)
2007-07-28 03:41:59 · answer #1 · answered by B 2 · 0⤊ 0⤋
Once you go to exchange of contracts with one, the other party is out of the picture.
Since you have nothing in writing yet, you have no agreement with anyone yet. With real estate sales, verbal agreements are meaningless. With that in mind, you have NOT sold your flat yet!
2007-07-28 06:17:25 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You say you sold it? Did you already sign a contract of sale? If you have accepted one offer, you should honor it
2007-07-28 05:51:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋