Seller's Remorse - Posted by Eddie Clay

Posted by Ed Copp (OH) on September 29, 2003 at 18:53:08:

on a counter offer are not met in a timely manner it would most likely void that offer, but not the listing. If the listing is expired, or expiring the seller can relist at a higher price. It seems to me that cancelling a listing, so that the property could be listed at a higher price would not be prudent. Something like hitting myself on the foot with a baseball bat to see if it hurts. Sounds very much like the seller thinks that this is an auction, which it is not. If they wanted an auction perhaps they should have hired an auctioneer.

Seller’s Remorse - Posted by Eddie Clay

Posted by Eddie Clay on September 29, 2003 at 14:56:29:

My client’s counter offer was signed by Buyer to purchase a California residence on a Tuesday with 50% down payment. Two day’s later Seller started communicating some serious remorse. Four day’s later, on a Saturday, seller asked about the Buyer?s pre-approval letter as they had 3 days to send it. Same day the Buyer’s agent was reminded and he sent in the pre-approval letter within 30 minutes. However, Seller considers the contract null and void, wrote a letter to me stating so, and wants to re-list the home $10k higher. They said they received legal advice on it but are not being represented by an attorney (though I suggested they get one). What should I say to the Buyers? Can such a nitpick truely get a Seller’s out of a deal? Should I give the letter to the Buyer’s agent even though it is made out to myself?

Ask Your Broker - Posted by Nate(DC)

Posted by Nate(DC) on September 29, 2003 at 19:58:47:

That’s what they get paid for - to deal with stuff like this!