Home Buying: 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.?

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.?

Asked by Jwml1977, Johnson City, TN • Sat Feb 4, 2012

Our 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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Yuri Katz, Broker, Malibu, CA

Are you sure you're not confusing "back up" offer with accepted offer, or acceptance of your offer subject to cancellation of previous contract?
Have you put your earnest money deposit in escrow?
Has your escrow even opened?

0 votes • Comment • Flag • Wed Feb 8, 2012

Yuri Katz, Real Estate Pro in Malibu, CA

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Ted Mackel, Broker, 93065

Was this a Short Sale? If it was, then the Short Sale Addendum has a provision for the Seller to submit all offers to the Seller's Lender. This would provide a loophole for multiple signed contracts as the Seller's lender is not obligated to approve the sale price based on the order the offers were signed. The Short Sale Addendum essentially puts you in the the postion that you do not have a binding contract without Short Sale Approval meaning written commitment from the Seller's Lender.

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