Home Buying in 10601>Question Details

Tezzy, Both Buyer and Seller in White Plains, NY

My agent who is handling the sale of my apartment is also my buying agent. An offer I made on a property was accepted, although we have not signed

Asked by Tezzy, White Plains, NY Mon Mar 22, 2010

anything yet. I am continuing my search in case I see something better until then. my agent tells me i can only bid on one property at a time. That I cannot place another bid on something unless i withdraw my bid on the one with an offer accepted. is this true? I never heard of that.

Help the community by answering this question:

Answers

7
Your agent is not being truthful. If the contract is not yet executed by both parties, neither party has any legal obligation to go through with the deal. The seller can even pull out if they receive in a higher offer at this point. New York is a contract only state. However, if your attorney has already started reviewing the purchase contract, etc., they may charge you for their time, if you pull out.

And to the agent that replied in MD, procedures are different in New York. We are an attorney run state. They draw up the contracts, etc. There are no binders here. Contracts can take from 1-2 weeks to be fully executed going back and forth. An accepted offer has no legal binding to either party. Only a fully executed contract.
1 vote Thank Flag Link Tue Mar 23, 2010
Until there is an executed contract--signed by all parties and money was exchanged you are free to look at as many properties you like and if something better comes along you can make an offer--your attorney can also advise you regarding the issue.
0 votes Thank Flag Link Tue Mar 23, 2010
This has nothing to do with moral judgement, just a perspective that the OP may not have seen. Nothing wrong with bringing that to light.
0 votes Thank Flag Link Tue Mar 23, 2010
Sellers continue to show their properties and entertain other offers until contract signing when they have an accepted offer. If this buyer would like to continue searching and put an offer in on another property, they have every legal right to do so. The buyer's question had to do with did they have to withdraw their current accepted offer in order to do so as they were told by their agent. I don't think they were looking for moral judgements here. Just a simple answer to a question.
0 votes Thank Flag Link Tue Mar 23, 2010
Gerard, Tezzy made offers, she did not go to contract. Although in NY sometimes agents ask the buyer to sign a binder, that is usually not the case. I doubt that Tizzy would be willing to put 10% down on contract on 2 different houses, which is what happens here.
Tizzy, on the other hand, how would you have felt if the person who made an offer on your apartment, which you accepted, never went to contract with you because they looked and found something they liked better? This is a very stressful time for both buyers and sellers. Take heart and let the seller know that you are still looking. Also, there is no such thing any more as first accepted offer. If you are not in contract, they can sell to someone else. Are you willing to risk losing this house while you look at others, and wait for you offer to be accepted on them?
0 votes Thank Flag Link Tue Mar 23, 2010
It is not true. But - you will need to be prepared to move ahead with the purchase of BOTH properties should they be accepted.

You are at risk of losing your deposit should you not proceed with a sale.

The realtor - although they gave you incorrect information - is looking out after your best interest.
0 votes Thank Flag Link Tue Mar 23, 2010
I would like to turn this around and ask you why you feel it is necessary to continue the search? Are you sure that this is a property you really want? If you are still searching after an offer has been accepted, you need to ask how committed you are to the property you placed the offer on.

If you are not committed - you have to ask what it is about the property that is lacking.
But, you need to bear in mind the following:
1. Even in this market, many buyers have eyes that are bigger than their wallets. If what you really, really want is something you can't afford, you will need to settle for less and make the best of it.
2. There is no perfect home. Constantly looking for greener pastures means that you will never settle on a property.
0 votes Thank Flag Link Mon Mar 22, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer