I have been anticipating buying a particular house. My house is on the market for 3 months with no bites. Realtor from sellers agency on house I want is not communicating well with my broker. I Asked to be told if and when there are any bids on that house. Was told by my broker there isn't any interest from anyone on that house. . Last night my broker called and told me that the house is in contract. We weren't even informed that there was a bid. Had we known we might've put one in. Is there any recourse? ( I know we don't have a buyer for my home yet but there was interest in it and the potential buyer is most likely going to put out an offer). Didn't I have the right to be informed of the bid so that I could've countered? I am so disappointed!! I could only hope that the contract doesn't go thru. By the way how long does it take to find out if the financing doesn't go thru? Who is more at fault, my agent or the the seller's?What would you do?
2007-10-16 03:45:41 · 6 answers · asked by yoga1 2 in Business & Finance ➔ Renting & Real Estate
You have no recourse. If you wanted to bid on a house, you should have bid on the house. The seller's agent is under no obligation to inform you or your agent that another bid has come in. There is no fault on the part of either of the agents. Quit looking for a scapegoat.
2007-10-16 06:37:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I know this is not going to sound good from your stand point, But if you really wanted to put in an offer on that home you should of. You might have been able to put in an offer with a contingency. (Like a time frame to sell your house and if it did not sell you could be release from your offer.) The other Realtor was not obligated to let you know an offer came in. Fact is they might of got it and agreed to it right away with in minutes. Especially if the market is slow. As far as the terms of the offer and selling price, you will not know till after it closes. If this home means that much to you ask your Realtor if the other party will accept a "Back up Contract" this way if the deal does fall thru you are then in first place. Also ask if maybe there was a kick out clause in the offer. This is sometimes done by the sellers Realtor and added in. If the original offer is contingent on financing or the sale of an existing home. A 72 hr. kick out clause may have been added. Which means if they get another offer the original buyers have 72 hours to release the contingency or release the contract. Ask your Realtor he can find out this for you. The person most at fault in my opinion is you. You had all the time you needed to put an offer but waited till is was to late. A back up contract may be all you have. I hope this was helpful to you.
2007-10-16 04:46:03 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The real estate of the selling firm on that house is under no obligation to disclose to anyone that someone has put in an offer on the property. Under the real estate laws of most states, you would not have the right to be informed of any potential offer.
Your only recourse at this time is to ask your agent to write up a "secondary" offer to purchase. The selling agent must present this offer to the sellers, and they can accept or deny your offer based upon its merits. However, the primary offeror is now in control, since the property is under contract. The old adage in real estate applies here...."He who snoozes generally loses."
2007-10-16 03:57:41 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
A contract can be formed from a bid within minutes. She might not have had the opportunity to tell you there was a bid, because it might have been accepted right away.
It's nobody's fault but yours that you dragged your feet and lost out.
You'll generally have to wait a month before closing, that's when you'll know if financing goes through.
2007-10-16 05:35:15 · answer #4 · answered by Roland'sMommy 6 · 0⤊ 0⤋
The seller has no obligation to inform you of bids. Silly of them not to, but no obligation. Your broker doesn't sound very good, but ask another broker what they think.
The one thing to check is whether the person putting the bid did so at a price lower than the asking price, and if they are related to the broker. Nepotism is illegal.
2007-10-16 03:54:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋
ok...so you found a house you liked, but did not put an offer in on it and someone else DID and somehow your realtor is at fault? um, no. first come, first served.
2007-10-17 18:25:55 · answer #6 · answered by stevemincer 3 · 0⤊ 0⤋