Home Buying in 48075>Question Details

Gloverbee, Home Buyer in Southfield, MI

Why would my offer be verbally accepted by the listing agent and then another taken instead?

Asked by Gloverbee, Southfield, MI Fri Nov 23, 2012

I got no call back or opportunity to increase my offer. I thought I had a deal! Do I have any recourse?

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11
Gloverbee,
A verbal contract, or in this case acceptance isn't worth the paper they aren't printed on. I'm sorry for your situation and I have no explanation other than in the time it may have taken for you to hear the acceptance and the time the seller got to sign it, another offer may have come in or the seller changed their minds. Until it's signed by all, in every spot, it's subject to change.
1 vote Thank Flag Link Fri Nov 23, 2012
Unfortunately you don't a real estate deal is not binding until it is in writing and signed. I have had a few real estate agents and sellers back out on me and my buyers over the years. It is one of the most frustrating situations when you have a verbal deal and then they back out...Soooooooooooooo frustrating.
0 votes Thank Flag Link Sat Mar 9, 2013
Gloverbee,
Thanks for the update. I would be upset too. Based on the new information you provided, I have some questions. Your agent says they tried to contact the listing agent, but the listing agent wasn't responsive, how did they try to make contact and can they document it, i.e. emails, voice mails, etc. Did they physically go into the listing agent’s office or try to contact the managing broker? Was the other offer that was accepted superior to yours in any meaningful way? Was the other offer written by the listing agent? How much energy do you want to put into this at this point?
0 votes Thank Flag Link Wed Dec 19, 2012
And...my 6 mo search continues! Thanks everyone!
0 votes Thank Flag Link Wed Dec 19, 2012
I think my question may have been misunderstood.
A written offer was presented by my agent to the listing agent who then called my agent to advise my offer had been accepted and to expect the final papers the next day via email for my signature. When the promised forms weren't received, my agent began calling the listing agent who ignored all calls. It wasn't until 6 days later that the listing agent finally contacted my agent and advised him that because he hadn't heard from my agent, another offer had subsequently been accepted by a different buyer.
The feedback and info provided has been valuable and very much appreciated, but I'm still in a quandry as to why and how the listing agent could get away with such unethical behavior.
I'm heartbroken and still upset.
0 votes Thank Flag Link Wed Dec 19, 2012
Ask yourself what assurance the seller has with only a verbal offer, you could walk any time. Work with a professional agent who knows the importance of putting an offer in writing. All offers must be presented to the seller. A verbal offer means nothing.
0 votes Thank Flag Link Mon Dec 17, 2012
There was written contract therefore the offer is not valid. In the future you should find an agent to represent you and make sure everything is in writing.
0 votes Thank Flag Link Mon Dec 17, 2012
none, all offers for real estate must be in wiriting. Did you have an agent?
0 votes Thank Flag Link Fri Dec 14, 2012
Without a written contract you have nothing. If you were serious about making an offer, you should have made sure that you put your offer in writing. If the offer wasn't sufficient, then the sellers had the opportunity to counter your offer. This would have given you the opportunity to increase your offer.

Another point that I would like to mention is that contrary to what many buyers think, it is not best for the buyer to make offers through the listing agent. The listing agent is working for the seller and his/her fiduciary duty is to the seller. Buyers should use their own agent because an agent working solely for the buyer is working in your best interest only and his/her fiduciary duty is to get you the best deal possible.

When making an offer in the future, I would suggest that you find an agent that you like and feel comfortable with before pursuing another house.

Kathy Persha, Realtor
CDPE, SFR, CIAS
Nestage Advanced Realty
248-930-0198
kathy@kaperproperties.com
0 votes Thank Flag Link Sat Nov 24, 2012
Real estate is one of those cases where only a "written contract" is legally enforceable. A verbal contract doesn't count for a thing when buying and selling houses.

The other offer they accepted (without calling you back) might have been just that good, that the seller didn't want to risk losing it, by calling you and waiting for your decision. Sorry, but this sort of thing does happen.
0 votes Thank Flag Link Sat Nov 24, 2012
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Nope.

That must really sting, but in actuality, what have you lost besides opportunity?
0 votes Thank Flag Link Fri Nov 23, 2012
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