cyntcere, Home Buyer in Brooklyn, NY

Why is it that I had an engineer report done for a house in Bedford Stuyvesant Brooklyn on 9/10/11 and the agency selling the house disrespected?

Asked by cyntcere, Brooklyn, NY Sun Oct 2, 2011

Inspection was done on 9/10/11. Attorney received it on 9/12/11 for review, but yet on 9/15/11, Elite Homes NYC sold it to another buyer before I could complete my process that leads up to signing the contract.

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Answers

8
Have you spoken to your lawyer? If you have a fully executed binder and your lawyer has received the contract then you can go to small claims court to sue.
1 vote Thank Flag Link Sun Oct 2, 2011
Dear cyntcere:

The bottom line is that neither party (the buyer or seller) is legally obligated to the deal until there are fully executed contracts. In my office when an offer gets accepted, 99.9% of the time it is contingent on the property being sold "as-is" plus the buyer is expected to move forward expeditiously. If the buyer moves too slow, or does an inspection and wants to re-negotiate the price... or if a higher offer comes on the table before you go to contract... you can lose the deal. If that does happen, there is really nothing that you can do as a buyer because you were not actually in contract and legally bound by said contract.

Your situation is not so much the norm. As a matter of fact, in my 18 years in the real estate business, the vast majority of the time when a deals falters, it is due to the buyer changing their mind and not the seller. In that situation, the seller feels kind of like you do but they have no legal recourse so they just have to accept it. Once in a while, it goes the other way and the seller changes their mind. It could be due to a higher offer, or just the seller simply changing their mind and deciding not to sell.

Moving forward, you have to learn from this experience. Next time you make a deal, make sure you move forward as quickly as possible to get into contract. Only then will you be 100% certain that you have the deal (I am not trying to suggest that you didn't move forward expeditiously, I wouldn't know because I was not involved in the deal).

If I can be of further assistance, please let me know. good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Oct 4, 2011
cyntcere,

Respect or lack of it, isn't the real issue in your situation. As another agent mentioned below, unless you have a fully executed contract of sale signed by you (the buyer) and seller, you don’t have a deal. Handshakes and promises don’t apply.

Have you seen the website you referred to? I don’t know what they are all about, but reading their home page would make me run the other way. It reads like an infomercial.

Can I ask why you decided to have your attorney review the home inspection report? It’s not a legal matter, and is better left for you and your agent to review and decide if the condition of the property is acceptable.
As far as the company you used or the agent you used (can we presume you had an agent?), they should have discussed their other offer with you, in hopes of possibly getting you to step up with more money or better terms for the seller. But to me it sounds like the firm itself was selling their own project, and not represented a third party seller.

You had a bad experience, this sort of stuff happens more often than not. Brush it off, hire a good agent and have them help you find another property.
0 votes Thank Flag Link Mon Oct 3, 2011
Jack Menashe,

Did you even read this buyers question before aswering? You answer had nothing to do what her question was about!

Cyntcere,

I would call your lawyer and have them investigate it further! Good Luck!
0 votes Thank Flag Link Sun Oct 2, 2011
There must have been other interest in the property. Sometimes multiple offers come in at once and a seller may accept one over another based on different reasons sometimes logical, sometimes only known to him alone. Unfortunately, the other offer seems to have gotten to contract before yours. The real estate office is obliged to present all offers as soon as possible after they are received. It seems your timing was off! You should stick around just in case the sale does not close. Nothing is guaranteed until the financing is complete & the keys are exchanged. So hold onto your inspection, you still have a shot. You can also use the inspection report to help you look out for problems in other properties you may be interested in. Good luck!
0 votes Thank Flag Link Sun Oct 2, 2011
Owners always feel a sense of pride for they're homes. Not surprising that they feel the home is not as bad as the inspector says - which at times can be exaggerated as well. Can you work with the owner to repair or renegotiate the price?

Regards,

Jack Menashe
917.797.0215
http://www.SHERestates.com
0 votes Thank Flag Link Sun Oct 2, 2011
I'm sorry to hear about your dilemma; unfortunately it can and it does happen; without an executed contract, signed by all parties, and deposit money exchanged, the seller is free to accept any other offer; did you have your own agent, and if so, what is he/she suggesting, what is your attorney advising...
0 votes Thank Flag Link Sun Oct 2, 2011
Now I AM OUT OF $450.00, because of this transaction with a seller and brokerage agency...just like that.....
0 votes Thank Flag Link Sun Oct 2, 2011
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