Traci, Home Buyer in Lynbrook, NY

after inspection agent sold home to another interested buyer without informing me.

Asked by Traci, Lynbrook, NY Thu Jan 10, 2013

i was in the process of purchasing a home. I took some time to sign the contract because my husband was away on buisness and it was the xmas and new year holidays. The following week i scheduled an appointment to sign the contract and found out through my attorney that the agent went with another buyer and never informed me. IS there anything i can do about the inspection?

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9
In this Market; you cannot take two weeks to sign a CONTRACT:
The Agent assumed!
2 votes Thank Flag Link Thu Jan 10, 2013
Absolutely!
Flag Thu Jan 10, 2013
Hi Teresa, there is some wrong information below. You properly did the inspection before the contract, which is how it is generally done on Long Island, attorneys get involved after the inspection. Your agent should have advised you that until you had a contract signed by the sellers and yourselves you had nothing. Think of it from the sellers point of view, did you just not have time to promptly sign the contract, or were you having second thoughts? They had no way of truly knowing, in my opinion the seller's agent did nothing wrong as their job is to protect the seller, he could have advised you but that was at his discretion. If you had a buyer's agent they should have been urging you to get the contract signed as soon as possible after the inspection, if you didn't use a buyer's agent than you may not have received advice tailored to meeting your specific needs as opposed to the seller's interests.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
1 vote Thank Flag Link Thu Jan 10, 2013
It's not a contract until it is signed. Be sure to use a buyer's agent -s/he will make sure that you act in a timely manner. Good luck with your next purchase.
1 vote Thank Flag Link Thu Jan 10, 2013
No signed contract = no deal. Should not have done inspection without a signed contract.
1 vote Thank Flag Link Thu Jan 10, 2013
Dear Teresa:

Unfortunately since you did not sign a contract and were not out of the due diligence period, you do not have any recourse because there wasn't a legally binding contract that could be enforced. In order to have a legally binding contract three things must take place, the seller must sign, the buyer must sign, and money must exchange hands. If these items did not take place, you do not have a contract. This happens all the time with bank owned properties; a potential buyer will do their inspections and while they are waiting for a report, offers get submitted. You might have an ethics case with the agent but again that would be difficult to prove as well because it becomes a he said she said case. Best of luck!
1 vote Thank Flag Link Thu Jan 10, 2013
You had the inspection preformed before you had a signed purchase contract? Who advised you to do that? You should have had the contract signed by you and the seller before spending any money on an inspection. Nothing is valid unless both parties have a contract. I don't see how you could be compensated and am sorry that you are not buying that house.
1 vote Thank Flag Link Thu Jan 10, 2013
Hi Jessica, on Long Island the inspection is done before the contract. After the inspection is when the lawyers get involved.
Flag Thu Jan 10, 2013
Hi Traci. Anything can happen in this market, and until you are in full contract, you are not guaranteed a home. How much is "some time?--three weeks, a month? Usually, once inspections are conducted, contracts are signed within the next week or two. This close time frame would prevent anyone else from swooping in.

Sorry this has happened to you, but anything can happen in Real Estate. If you need further assistance in your search, I am always here to assist!

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
http://www.facebook.com/ISellNY
DeVonte.Williamson@cbmoves.com
0 votes Thank Flag Link Thu Jan 10, 2013
In this area, once an inspection is conducted and all parties are in agreement, the next step is to immediately sign the contract--that is as soon as your attorney advises you it's ready; without an executed contract, signed by both parties and deposit money exchanged, the seller is free to do whatever he/she wishes....what is your agent advising...
0 votes Thank Flag Link Thu Jan 10, 2013
Unfortunately, you jumped ahead on this deal without fully understanding how real estate transactions work. Real estate deals are not as easy as the general public would like to believe. I doubt seriously this would have happened if you were being represented by an experienced real estate agent.

I'm sorry about your situation. Trulia is a wonderful website that offers buyers and sellers and agents an opportunity to come together to advise and learn from each other. We are always here for you and the general public for free. Good luck to you!
0 votes Thank Flag Link Thu Jan 10, 2013
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