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Kevin Tang, Home Buyer in F.A.M.U., Tallahassee,...

What can I do? The seller had accepted two contracts at the same time.

Asked by Kevin Tang, F.A.M.U., Tallahassee, FL Fri Feb 22, 2013

What can I do, my sellers agent accepted two contracts on one house and now we cant get the house, because ours was the second contract.?
My contract wasn't a backup or pending
contract.
My loan was approved and closing date was set, but now we have no home to buy. This is very upsetting, we had already told our landlord we were moving.

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Answers

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Dear Kevin:
On a regular sale, the seller's agent has an obligation to present the two Offers to the Seller. It will be up to the Seller to decide which offer to accept, if any. Once that offer is accepted by the Seller, it will be signed by him, dated and delivered to the Buyer of his choice. That is the normal procedure. If the Seller decided not to accept your offer, he will proceed with the other Buyer then, and you should be advised by the Seller's agent about his decision. On a short sale, please consult your lawyer for details on how to proceed.
1 vote Thank Flag Link Sun Feb 24, 2013
I agree with all comments, here. The only way to get the Seller's attention is to either present a higher offer with better terms... If that does not work, then it is time to negotiate a month-to-month lease on your unit and start the buying process all over again.

Would love to help, so keep us in mind.

Lifter Realty Inc. 305-652-5506
0 votes Thank Flag Link Tue Feb 26, 2013
Hi Kevin,

Do you actually have a "contract"? An "offer" is not a "contract". A contract has to be signed by the Seller and you have to have a receipt for depositing your Good Faith deposit, too.

If you are trying to buy a Short Sale anything could be going on. It's difficult to "force" a Short Sale owner to honor your contract because they probably do not have any assets to go after if they try to back out of your contract.

When you say "sellers agent" do you mean you did NOT have your own agent protecting your interests?

If the listing agent is representing both you and the Seller then you may have to hire an attorney to get honest advice.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sat Feb 23, 2013
Kevin, you and your agent need to find another home to buy, PRONTO!
If the attorney everyone is referring to will let you move in with them, then go that way.
It is very likely your landlord will put you on a month-to-month (If you are in good standing) until you find the home to buy.

Things like this often happen when the fine print is not read or believed.
Find another house and make a competitive purchase offer. As you know the Florida real estate fire sale ended two years ago. Make your offer competitive


Best of success to you,
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
Movie Tour
http://youtu.be/g1H-_ny-Mnk
0 votes Thank Flag Link Sat Feb 23, 2013
If this is a Short Sale, banks requesting to the Listing Agent to take contracts (many if it is possible) to have the best net for them. Short Sale is a remedy giving to the owner of piece property to sale property and it is in the best benefit for Short Sale Lender. The owner is having problem in mortgage payments without any way to remedy anything with property. Go ahead with another property. I know you will find another better.
0 votes Thank Flag Link Sat Feb 23, 2013
This has all the ear marks of a distressed sale with multiple interest...short sale or foreclosure. Likely the best source for accurate information would be to consult the agent that prepared and presented your purchase offer. They should be able to clarify this for you.

With this said, outside of considering legal action that can come at great cost, you're left with continuing your search and hopefully your landlord hasn't found someone to rent your current home.

Good luck,

Bill
0 votes Thank Flag Link Sat Feb 23, 2013
Are you working with an agent or not? It sounds like you was interested in more than just one property but never got a counter offer back and thought your contract was accepted for this particular home while still searching. You seriously need to talk with your agent.
0 votes Thank Flag Link Fri Feb 22, 2013
Do you have a copy of the executed contract by the Seller(s)? I sincerely cannot understand that a Listing Agent would allow the Seller(s) to sign 2 contracts. Was this a for sale by Owner? I am absolutely puzzled!
0 votes Thank Flag Link Fri Feb 22, 2013
Sellers agent does not accept contracts, he only presents them to seller. Seller chooses which contract to accept, and he can only accept one.

Now this may confuse you, which is why you need an attorney to explain what happened here.

May I suggest in the future you find a Realtor to help you through this minefield.
0 votes Thank Flag Link Fri Feb 22, 2013
Kevin, clearly something went very wrong here. You probably should consult a lawyer, but that won't put a roof over your head.

Start by explaining to your landlord that your contract fell through, and see if he is willing to extend your rental. Then it's clearly time to start looking for a new place to purchase and/or rent.

Sorry for your troubles, and I'd love to hear what happens after you talk to that lawyer.
0 votes Thank Flag Link Fri Feb 22, 2013
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