Home Buying in Sandown>Question Details

Chris, Home Buyer in Derry, NH

Can I get out of a contract that was misrepresented by the agent? Stopped payment on earnest deposit.

Asked by Chris, Derry, NH Thu Dec 2, 2010

We were told the home was for sale, but turns out it has been in contingency status and listing agent had it listed as active. We signed a PSA and stopped payment on our earnest deposit.

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5
More information is needed. If the seller has not signed the contract it was not even valid and they should not have deposited the escrow check. If it is a backup offer it should have been stated on the contract. Depends on the specifics of the situation. Best of luck to you!
0 votes Thank Flag Link Thu Dec 9, 2010
Chris,

If you think there has been misrepresentation the best advise I can give you is speak to a real estate attorney. A contingency can mean many diferent things, if the buyers contingency was they had to sell their home first then the home is still very much for sale. If you are a non-contingent buyer that puts you at an advantage.

Good luck,
Tom
0 votes Thank Flag Link Sun Dec 5, 2010
The key is to make sure everything is in writing, you can stop payment but still need to be released from teh contract or have that contract voided. If an agent misrepresented themselves, have your buyer broker contact the agent, again if you do not havbe a buyer broker, contact the listing agents managing broker to get assistance to make sure you are released, Good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Dec 5, 2010
Generally a property will show under agreement or withdrawn. The agent should have been aware of the situation prior to taking your deposit. was the deposit taken in between updates? A little morew information may be what we need to figure out where you stand.
0 votes Thank Flag Link Thu Dec 2, 2010
If I understand your statement the house is not active and is under contract with a contingency. That would mean that your offer is a backup offer and so you simply need to withdraw your offer in writing. The listing agent should have explained this to your agent when the offer was presented and a backup offer addendum would be needed or something explaining the other offer that is in place.
0 votes Thank Flag Link Thu Dec 2, 2010
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