Sounds like Realtor mumbo-jumbo talk.

Get yourself a Buyers Agent, get the real SOLDS prices similar to the one you are looking at, remove all emotions and make an offer based on what it good for you.

Ignore the hype, focus on getting what you want for the price that is good for you.

the top question is he your buyer agent? if so he is in a dual agency situation where he would be trying to get the highest offer for the seller vut then trying to get the best deal for you? cant be done. and if so it looks like he is not looking out for your best interest. It may not be illegal but unethical. Normally an honest agent would submit the bids to the seller as they come in. unless he got one at noon and was getting one at 5, he may wait and submit both together. but waiting to have an open house where someone MIGHt make a bid, sounds wrong. When writing your offer you should always put that the seller should respond within 24 hours or your offer is null and void. dont give them forever to find competing offers. check with your states real estate commission as far as any rules being broken. good luck Jackie

According to your blog statement, this sounds like a Dual Agency situation since you were talking directly to the listing agent? You may want to consider having the listing agent review dual agency procedures for your acceptance in the state of PA. Otherwise, you could select other representation (Realtor).

But, just like Jeff-Ginny mentioned in his blog there is a fiduciary responsability of trust and confidence that the listing agents owes to the seller, and the agent has to obey the instructions of the sellers as long as it is legal. However, this is where it is sticky, dual agency, the agent also owes you the same responsablitly. The term is called Dual Agency, and some states it is legal and others it is not.......

That depends on whether you have a written and signed contract for right of first refusal or a signed back-up contract. If you have a written and signed Purchase and Sale Agreement, then you have a right to expect to purchase the home.

Otherwise, the listing agent is acting in the best interests of the sellers, which is his/her responsibility. Perhaps the sellers directly instructed the listing agent to continue to market the property. It is legal to do so.

Why not make an offer now with your highest and best offer. Perhaps you will be the winning offer. You should ask if there is anything about the house that the Realtor learned that she should then disclose to you if the inspection was the reason for the first contract to fall apart. On the other hand, it could just as easily have been the financing, which would not affect the sale. You may want to add a contingency that you may choose to back out of the property purchase if the appraisal does not equal or exceed the purchase price. Good luck to you.

Standard rule in any state UNLESS you have an executed agreement signed by the buyer and seller, you dont a contract on any property. NOW if you have a signed agreement then yes that could cause some problems http://www.lynn911.com http://www.homes-for-sale-dallas.com

Don't know the PA laws, however, did you sign a backup offer in writing? If not, this constitutes a verbal agreement. The only problem it is hard to prove. It just ends up with a shoulder shrug, and a statement, "I didn't say that". Next time, get the backup offer in writing with signatures. I am not an attorney, so you need to seek counsel if you want to pursue this.

Hi Jackie,
I am not a license Real Estate Agent and I see no one has answered your question. I would suggest you contact the Board of Realtors in Pennsylvania and ask them this question. Your other option is to contact a Real Estate Attorney and see if he/she would be kind enough to answer this question. Hope this helps. Feel free to contact me at denise.dotson@ncmc.com. Take Care