Maybe...depends on the contingency?
Where is your realtor in this transaction?
Escrow Fee.....this you pay at closing...not up front?
If you mean Earnest Money....I hope you gave this to the title company and not directly to the seller.

Ahhh...a buyer after my own heart...my favorite area by far! I have to say though you do need to be somewhat eclectic at times for that area. Its reaIly hard to speculate as to what 10 years will bring too. It is changing on a regular basis and an area that I would love to live in myself. I personnally do appreciate your input and have to say that a truely good agent always listens to their client and can think outside the box and there is no procrastination either. Also, just for your info...alot of times some of the websites take several weeks to update and you don't actually have all the capabilities that we do have as far as search's go.

I'm a big karma kind of girl anyway and do believe that when its right its right and you know it is. That's not to say that it comes stress free. Nothing is easy or simple anymore!

A couple of things you didn't mention and that is price and are you willing to do some work on it? I can think of one property that jumps to mind...a foreclosure and does need some work, new on the market and I haven't even seen it yet so I don't know what to expect. I always have preconcieved ideas as to what foreclosure mean though.

One other thing...school district? You've stated that you are first time buyers and your concerned about the next ten years...so where does school district, if any play out in this?

I do hope you'll keep us posted, I'd love to know the outcome of your situation!

Thanks again, everyone. Your answers are so helpful. Like I said, we are first time home buyers. Regarding the impatience, ever heard the saying, "if its meant to be, its up to me"? As someone who is avidly searching for the best new home possible, its hard to wait on an agent to send you an update on the type of home that you are looking for. Ugh, but it is just so timely to look through the new listings day after day after day. The type of home that we are looking for seems to be quite hard to come by -- an older home with charm, not the "cookie cutter type" with hardwood floors (not laminate) in a good neighborhood that wont turn rental/bad in the next 10 years or so, 3/2/2 - it shouldnt be THAT hard but for some reason the type we're looking for just isnt out there right now. We are willing to be patient for that type of home that we really want. We are also wanting a home in the azalea district, or at least the 75701 zip code. But like I said, the neighborhoods in that area can go from million dollar homes to ghetto in 3 blocks - literally. So - please let me know what you think. I appreciate your feedback, so so much. I hope this gives you all a little bit of insight to home buyers who are really wanting what they are looking for and wanting an agent who understands that and is willing to help along the way.

Now its really starting to get complicated! I'm all about the bottom line and honestly, the bottom line here is that you don't really know enough or have enough info to honestly know what's going on. By that I mean, you don't know what's actually been signed and would be considered binding. You know, if the contracts been amended and so forth. The prior info I provided you with is a generalization and how we as realtor's handle those things and I'm going to assume that since there is a realtor on the first buyers side that it was dealt with in that manner and I would assume that the contract was amended to reflect the new close date and signed by all parties. Now, that being said...I guess the seller can do whatever he wants to BUT...it could also tie up the property for months.

This would be a good time to say...this is why you should have proper representation and you should never have to wait on a realtor to do their job, as in the impatient part you just mentioned!

A purchase contract is legally binding subject to the terms of the agreement. If a party to the contract is not fulfilling his side of the agreement then you do have legal recourse. I suggest that you retain an attorney.

GOOD LUCK...

Mark Warren
REALTOR

Thank you all for your answers. Angela, to answer yours: no, my husband and I are not using an agent on this particular transaction. We do have an agent though. Im just the type that gets things done on her own -- Im too impatient to wait on a agent -- I know, I know.

Also -- does it matter that the original closing date was schedule to be October 30th and the buyer has now pushed it back to Nov. 6? Trust me, we are proceeding with MUCH caution. I would appreciate additional feedback. Thank you so much! :)

One more thing, you might want to consider consulting an attorney on this one if you have no representation. This could be a bit of a sticky mess!

Excellent question! Actually the answer is NO, the seller can not arbitrarily back out of the contract just because the terms are better on the back up or that he like one buyer better than another. There is only one way that the back up contract can become the first contract and that is on the buyers part. There is a stated time frame when you have a contingency in which you have to allow the first buyer the option of dropping the contingency or backing out all together. Normally thats 2 to 3 days. I'm assuming that the contingency is due to the fact that they have to sale other property first, he may want the house bad enough to drop the contingency, he may have help from family..there's all kinds of things that could make it possible for the first buyer to purchase the property with out the contingency. On the other hand he may not be able to do that at which time he bows out and the back up contract becomes the first contract. The seller is not allowed to do what your suggesting or he could be sued for specific performance and the other party could be awarded up to three times the damages. The ball is totally in the first buyers court right now and until he makes a decision one way or the other, there's nothing that can be done. The decision is not the seller's to make though.

I do have a question for you know....did you use a realtor or did you let him draw up the paper work or exactly how did that transpire? I only ask that because quite frankly, I'd be very concerned about my interest in this particular situation if I were you. Not only is what the seller's suggesting not completely legal, its not morally right either. You certainly wouldn't want him doing you that way if someone were to bring him another one that's got better terms. For that reason alone, I'd proceed with caution and my eyes wide open if I were you.

I hope I have not confused you and please don't hesitate to contact me directly if you have any other questions or concern's. You can reach me at 903-714-4365 or email at angela@angelakhill.com

I am sorry to say that you are asking a question to the wrong audience. As a real estate agent i am licensed to facilitate a real estate transaction, but I am not licensed to practice law. This question would be best answered by a real estate lawer. As a real estate agent, I have an opinion, but it is just an opinion and not qualifed by law. If you need help with a real estate transaction, I am here for you.

Is the contract signed by both parties or did you just sign it and hand it to him? I would definately consult a real estate attorney but in my opinion if contract is signed by both parties it is binding unless there are any exit clauses in the contract for the seller.

This is one of the reasons why I suggest you always deal with a realtor on a buyers side and sellers side. State regulated contracts are used and realtors deal with these processes 24/7 and make a transaction as smooth as possible.

If you cant find a lawyer, you can try looking under the find a pro feature on trulia for an agent near you. Maybe contact them and see if they know a good attorney.


Sean Dawes