It certainly feels like something wrong happened but in this kind of market, where there are often multiple offers, there is often a winner and a loser. The best thing to do is move on and when you find an even better house; make a good first offer . . . one that might be accepted right away. Keep the time for acceptance short and always assume that if you think the house is great, there may be one or two buyers out there who are thinking the same thing; so move fast.
Sothebyâ€™s International Realty
Although the seller did not commit to the verbal acceptance, it can't be deemed as ethical violation.
There should be another home for you. This incident is not unusual.
For your consolation, just remember the dogma "If it is meant to be, it is meant to be."
Don't get disheartened. Continue on with your search with the help of your realtor.
Best of Luck.
This situation is not an ethical violation. I see sellers accept another offer during this period and there is nothing your agent can do about it but keep your home search going.
No. Real estate agents who join a Board of Realtors agree to uphold the Realtors' Code of Ethics, and can be penalized if they don't. However, Sellers subscribe to no such Code, and are free to do as they please. Don't be discouraged. You may find an even better home than this one. Good luck.
A verbal agreement simply means, "Please delay the seller from making a decision until my offer is evaluated." A verbal agreement is not a contract but simply a suggestion of one's intention. Your suggested intention, compared to that of the opposing offer, did not offer the seller the greatest assurance. Be very aware, price is not the only issue a seller must consider.
The fact that your offer was so quickly dismissed, without any discussion, suggests to me you need to reevaluate your strategy. If a big bank is behind your financing, your REALLY need to strat listening to your real estate consultant.
In the future remember, Unicorns and verbal contracts share the same IMAGINARY space.
IT's not real until you have the contract, with all the signatures, in place in your hand.
Take care to insure youi are not working from a 2009 mindset that a real estate fire sale is underway.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL