Your AGENT cannot accept offers. YOU are the only one that can accept an offer by signing the offer. Did you sign off on the first offer before the second offer was made? The agent could get into serious trouble for this. In the state of Texas, if YOU accepted the offer, there would be nothing you could do unless the contract fell out. Of course, you make absolutely no concessions if they come back and ask for repairs, closing costs, or what ever. I'm not sure about the laws of California, so you would need to speak with your agent, their broker, or a real estate attorney.
I wish you luck in this problem. There are not any easy answers. Even if the first contract falls out, you will not really know that the second offer is still interested. (Hint: Get the contact info of the buyers agent for the second contract, and call them before you make any decisions about what to do on your first contract. This can be dangerous too, because they will know you canceled the first contract and could play hardball knowing you have limited options left. You are between a rock and a hard spot at this point.)
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
Ethics require we as agents to not screen written offers just because an offer has already been accepted. The seller should still know of the existence of another offfer. In Illinois, only written contracts are enforceable, probably same in your state. And if a another agent feels out the listing agent in a verbal offer way that does not qualify as a bonefide offer. The bank is a 3rd party approval to the contract and so the seller should only sign one contract at a time and use contract provisions for modifying or cancelling the contract.
Even if the poster had known about the second offer, after having already accepted the first one in writing, then would it really matter (assuming that s/he didn't include a contingency with the right to go with a better offer)?
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
Instead of making all of these (possibly false) assumptions, why not clear things up with a call to the broker?
The only thing worse than dual agency is transactional brokerage, and the only thing worse than transactional brokerage , TB is presumed transactional brokerage like you have in Florida. Dual agency done right does not have this outcome! TB means that each agent only works to advance the transaction, not the interest of either party. This could have had the same result if listing agent knew of a specific buyer's price point for a neighborhood, and told the seller to list it at that price and then listing agent referred it to another agent in the office for a 50% referral fee and wouldnt be dual agency. There is no defense for presumed transactional brokerage, meaning that agency doesnt need to be discussed to the consuming public how agency works in Florida.
Many contracts containg a clause that says, "will present all offers." If your listing agreement contains such verbage, you should have received the offer in question.
If you suspect unethical behavior, you may want to consider being in touch with the agent's broker to file a complaint or get in touch with the local board of realtors and to ask about filing a complaint.
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You may also need to enlist the help of a real estate attorney. If, indeed, your agent knew about two offers, prior to any of them being accepted, without notifying YOU of both offers, he may well have crossed a legal and ethical line.
If your home is in "sale-pending" status, you may not be able to extract yourself from that sale, but you might be able to force your listing agent (agency) to make up the difference in sale price, due to your agent's incompetence and deception. (the other buyer might have a case against them too, talk to a RE attorney to see if it's worth talking to them, and bringing them into your case).
I am not a lawyer, and certainly not knowledgeable in California law... so this is not to be construed as legal advice.