Home Buying in 12413>Question Details

Cp, Home Buyer in 12413

I live in NY state. I am buying a house and have a binder with the seller and an agreed price. They agreed

Asked by Cp, 12413 Sun Apr 20, 2008

to let me do the home inspection. My bank was sending their appraiser to the property. Several days later the seller's agent said they accepted a higher offer and sent my binder check back. Is this legal?

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binders are somewhat unique to certain geographies, upstate NY being one. It's not actually a contract so I believe they legally can do just what they did. They may have pushed you to stick with the deal, but ultimately you need a true contract, best viewed by your planned attorney, to hold or receive any compensation for a broken agreement. Binders give a false sense of security,
0 votes Thank Flag Link Sun Sep 23, 2012
Cp, sorry to have hijacked your thread. What exactly is a binder? Was anything signed? If not, as Gizmo said, you're pretty much out of luck.

Gizmo, sorry to hear that. We haven't made any new offers but a couple of houses we liked that we thought would sell very quickly have not and since they were about 100k out of our price range, we're hoping they'll fall a bit but not optimistic. One thing I've learned on these boards and doing research for posting on these boards is how expensive it becomes to seriously overpay for a house, which has made me even more cautious. Good luck.
0 votes Thank Flag Link Tue Apr 22, 2008
Hi Zack,

We bid on one house in Chappaqua and one in Bedford asking both for about an 8% off the asking price. They both turned it down! We can go up but we're thinking whether we should see what else will come out on the market. Although it doesn't look like many houses are coming out on the market anymore.

Cp, I know it's unfair but NYS is very strict about real estate contracts being in writing. So a verbal offer/acceptance doesn't mean much. I think the seller's agent is kinda stupid though. If I were him/her, I would have come back to you and asked you whether you want to outbid the other offer (at least gave you the choice even if you turned it down).
0 votes Thank Flag Link Mon Apr 21, 2008
Gizmo, welcome back. Did you end up making an offer/purchasing that house you were looking at?
0 votes Thank Flag Link Mon Apr 21, 2008
Yes because the seller did not sign anything.
0 votes Thank Flag Link Mon Apr 21, 2008
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