Posted by Jimmy on July 16, 2005 at 09:48:06:
NOPE. You never had a contract, period. No further discussion required.
The realtor has no obligation to YOU, because he does nto work for YOU. He has an obligation to his client (the seller).
Sold from underneath me - Posted by J Ray
Posted by J Ray on July 15, 2005 at 20:45:48:
I had submitted a bid for a property at the asking price. Two days later after not hearing anything I called the realitor to see where I stood and he told me that he had recieved a higher bid and had accepted it. By law, is he required to let me know that another offer has been presented?
Re: Sold from underneath me - Posted by Frank Chin
Posted by Frank Chin on July 16, 2005 at 11:56:03:
J Ray:
Happens all the time.
As Jimmy said, the realtor works for the seller. My brother in law was trying to buy property in San Francisco, and was outbid in a number of situations, even offering OVER asking. He finally bought one, after three or four tries.
I was the president of a club a few years back, and the VP of the club said a property was sold out from under him, in a similar situation. He wanted our group to start start a campaign alleging discrimination. I said “no”, and he never spoke to me again.
Sometimes offers differ in terms. I had a slightly bidding war over a condo I just sold. One guy wanted to do a no down deal where he wanted us to inflate the contract value, and rebate him 10%. The other party not only offered more, but paying 100% cash, as they sold their home, looking to move and will close in 30 days or less.
I don’t know how many bidders are involved, but sometimes there could be a bidding frenzy, where a dozen or more people bid up the property, and it may not be possible to call back each and every one. So, you may want to check more frequently.
Frank Chin