Terry McCarley / Remax Realty Team
It seems quite clear that the seller did not effectively cancel on them- if the seller did in fact cancel- there would be no escrow. In Florida, real estate that is under contract is considered Pending Sale... In other states- namely California, properties go into escrow... I'm not exactly sure what the difference is or even if there is any difference whatsoever.
Your contract appears to have been a "back-up" contract - if so, you should have been informed of this.
Yes! Your Realtor should haver known or been informed- that there was an existing and effective contract already executed.
Legal or not- it all depends on what went down, or sideways.
PENDING SALE ~ http://www.trulia.com/voices/Home_Buying/what_does_sale_pend
What an incredible story! I am so sorry this has happened to you. I am guessing this was a short sale that has been on the market for a while. It seems a bit inconsistent of normal short sale dealings which are pretty clear if a property is active or active contingent. If I were you I would want to find the recorded information of the cancellation between the buyer and the seller and also see all information relating to the deal. You may only be allowed access to that information by enlisting a lawyer to halt these proceedings until everything is sorted out. Even the attorney help line for your agent is going to be limited in any assistance unless there are a lot more details given.
You should probably make a decision right now whether or not to get your deposit back and just move on or persue it and take a chance that you will be responsible for the legal fees.
The biggy here is if the sellers really had a cancellation with the previous buyers then why would they go back to that deal unless it really wasn't cancelled and they were just fishing for a better price. Either way the the initial contract that is in play is the legal contract and you are just a backup at this point. Maybe you can sell your home inspection to the other buyers. Just a thought.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2010" by Gulfshore Life Magazine
Sounds very fishy.... ask your Realtor to immediately call the Florida Assn of Attorneys for advice. She gets free legal advice as part of being a Florida licensed Realtor.
Then, depending on the initial advice offered, you may have get an attorney asap to initiate an action to prevent the sale to the other buyers. It's possible those other buyers offered more money as an incentive to get the house. It's strange that it was under contract for 5 months without closing...unless it is a short sale.
Good luck and I hope this helps you.
All the best,
Alma Rose Kee, P.A.
Real Estate Consultant
Future Home Realty
Facts here are not at all clear - is "my Realtor" also the listing Realtor?
Has noting to do with Escrow, has to do WHO has effective contract. This looks to be a rats nest, so my best advise is to find a good Real Estate Attorney to unravel things.