I am in the process of buying a house. The seller and I agreed on a price, contracts were sent between lawyers and I have a home inspection scheduled. All of this has transpired over a weeks time. Today I lean that the seller received another offer on the house and has signed a contract with a new buyer. Do I have any legal recourse? I am in New York.
Did you agree verbally, or in writing? If verbally, you will have a mighty tough time winning this, I think.
sfvera
Happy Member
posted: Feb. 15, 2013 @ 11:09a
Until the contracts are signed, nothing is binding.
StevenColorado
Stand up guy
posted: Feb. 15, 2013 @ 11:20a
No judge will honor a verbal contract over this. You have nothing.
That said, it's not certain that the seller really does have another buyer. It could be a ploy to get a few thou more out of you. Even if the buyer is legit, there's also a chance that financing will fall through. So let the seller know that you're still interested should things fall through.
The following contracts are invalid, unless they, or some note or memorandum thereof, are in writing and subscribed by the party to be charged or by the party's agent: ... for the sale of real property ...
You and the seller agreed verbally to a price, but did a signed offer letter with earnest money ( deposit ) from you given to the seller ? If yes, was the money put in escrow and the seller signed the acceptance of the offer ? If neither is done, you are probably SOL.
frenchylarue
Senior Member
posted: Feb. 15, 2013 @ 6:44p
If you really want it, and will pay more, come over the top with a higher offer just to mess with them. If the facts are true, then from what your hearing this type of seller would either try and end the purchase by finding a "reason" under the contract, or notify the buyer to see if he'll up his offer. You win either way, get the house or cost some money to the bugger who went behind your back. Their agent really should have notified you for a counteroffer, giving you the chance to compete. You can still go behind their backs directly to the seller (no realtors)and see what's up and if something could be worked out.
BitemeIamtoxic
Non-toxic
posted: Feb. 15, 2013 @ 8:46p
Where did you hear this? Why did you scheduled a home inspection before the contract was signed? Who dragged their feet? In real estate 'time is of the essence'.
henry33
Senior Member - 1K
posted: Feb. 16, 2013 @ 1:36a
Verbal offers typically aren't even worth the paper that they're not written on. If you had a signed offer, it'd be one thing, but it sounds like you don't. It's actually somewhat common, you get a verbal agreement on a price and before you get the signed offer, another offer comes in and then either the seller just accepts the higher offer or just asks for highest and best. You should also consult the lawyer as depending on circumstances it's sometimes considered binding, but it's very rare. For instance was anything documented in email? In general, if the seller signed an offer, they're pretty much locked in and you can take them to court to perform to the contract. Without that contract, you normally have nothing.
KYBOSH
Senior Member - 1K
posted: Feb. 16, 2013 @ 2:09a
Ask the seller to refund you any costs you are out of and move on. It wasnt meant to be.
You should verify that your contract contains the following two provisions: "the party in the first part shall be known as the party in the first part" and also a sanity clause, which provides that if either of the parties is found to not be in their right mind, the contract is null and void. was anyone high as a georgia pine during negotiations? did anyone smoke a smokeball?
SlimTim
Senior Member - 1K
posted: Feb. 16, 2013 @ 8:57a
I hate to tell you, Oliver, but there ain't no sanity clause.
computerquest
Senior Member - 1K
posted: Feb. 16, 2013 @ 9:01a
OP, please clarify whether or not you have a signed deal.
SlimTim said: I hate to tell you, Oliver, but there ain't no sanity clause.
well your word is good enough for me!
PhortyninerPhil
Member
posted: Feb. 16, 2013 @ 10:08a
LynchMobHoo said: I am in the process of buying a house. The seller and I agreed on a price, contracts were sent between lawyers and I have a home inspection scheduled. All of this has transpired over a weeks time. Today I lean that the seller received another offer on the house and has signed a contract with a new buyer. Do I have any legal recourse? I am in New York.
As others have said, no signed contract = no deal.
This is why most use real estate agents for negotiating a price, because they send each other official offers which are "accepted" by signature.
chocula
Handsome Member
posted: Feb. 16, 2013 @ 11:36a
LynchMobHoo said: I am in the process of buying a house. The seller and I agreed on a price, contracts were sent between lawyers and I have a home inspection scheduled. All of this has transpired over a weeks time. Today I lean that the seller received another offer on the house and has signed a contract with a new buyer. Do I have any legal recourse? I am in New York.
Everyone always claims to "have a lawyer", yet when it is time for legal advice, they go online.
theblenny
Happy Member
posted: Feb. 16, 2013 @ 11:56a
Seem like the first thread of every post never has enough information to answer the question. Then you have a coin flip shot if the op comes back to answer the question that will answer their question.
I'm going to assume you do have a SIGNED AGREEMENT. I say this because of two things: 1. You transferred the contract to each side's attorney. Why send a unsigned contract? Not much the attorney can do if it is NOT signed. 2. Why would you schedule a home inspection that will have to be paid for if you didn't have a signed agreement making it contingent upon a favorable outcome of the inspection? I wouldn't spend $300-$500 to inspect a house that the seller didn't agree to sell to me.
Signed is binding. I would ASSUME the house is yours, pending the inspection results.
ASSUME.
LynchMobHoo
Member
posted: Feb. 16, 2013 @ 11:59a
Ever hear of a second opinion? He confirmed that there is no legal recourse. It sucks but best the best I can do is move on and see if it falls through with financing.
KYBOSH
Senior Member - 1K
posted: Feb. 16, 2013 @ 3:55p
chocula said: Everyone always claims to "have a lawyer", yet when it is time for legal advice, they go online.
Realest rhyme you every wrote.
ardentazn
Senior Member
posted: Feb. 16, 2013 @ 5:59p
KYBOSH said: chocula said: Everyone always claims to "have a lawyer", yet when it is time for legal advice, they go online.
Realest rhyme you every wrote.
That's because I trust FW more than my lawyers!!! =)
BEEFjerKAY
Pics?
posted: Feb. 16, 2013 @ 6:26p
SlimTim said: I hate to tell you, Oliver, but there ain't no sanity clause.
+1 Been maybe 20-30 years since I heard that joke.
snork615
Senior Member
posted: Feb. 16, 2013 @ 11:02p
Sounds like Noo Yawk realty dealings. Back out, cancel further expenses, retrieve whatever you paid to the extent possible. Move elsewhere using a new competent Realtor, buyers should not need an attorney except to close. Unless really liking the property, escape while you can even when the other buyer's deal "does not go through" or "is withdrawn" for any reason--you are being played .
delzy
Dismembered Member
posted: Feb. 17, 2013 @ 12:25a
LynchMobHoo said: I am in the process of buying a house. The seller and I agreed on a price, contracts were sent between lawyers and I have a home inspection scheduled. All of this has transpired over a weeks time. Today I lean that the seller received another offer on the house and has signed a contract with a new buyer. Do I have any legal recourse? I am in New York.What does your consummated buy/sell agreement say?
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