Property Q&A in Madison>Question Details

Victoria, Home Buyer in Madison, WI

Can a person with a signed accepted offer by the guardian of the estate, pending court approval, loose the house to a secondary offer?

Asked by Victoria, Madison, WI Tue Jan 31, 2012

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Victoria: I can't give you legal advice and this is not meant to be legal advice. For peace of mind, it may be worthwhile for you to consult with an attorney on this. It's hard to answer your question without being able to see your offer and what is in it. For example, you write that your offer is subject to court approval. What does this mean? Without more specifics on this contingency, the court could have wide discretion in approving an offer. The court could have the authority to approve the highest and best offer. Who wrote the offer for you? Did you have a buyers agent, which means you signed a contract with a Realtor and they're responsible for getting you the best price and terms? Or, was the agent who wrote the offer working for the seller? If you didn't have a contract with the agent who wrote the offer, they're working for the seller even if they're not the listing agent. If you are concerned about your offer being approved, I strongly encourage you to see an attorney whose primary area of expertise is real estate.
0 votes Thank Flag Link Tue Jan 31, 2012
I think you answered your question in your question...."Pending Court Approval". This doesn't sound like an Accepted Offer.

Where is your Realtor?
0 votes Thank Flag Link Sat Feb 18, 2012
That is a great question for an attorney. If you need a good Real Estate attorney, I would be happy to provide a couple names. It could be worth the cost.


Regards

Guy Lofts CRS
RealEstateGuy Team
Keller Williams Realty Madison Crossroads
Madison Wi
Tel: (608) 513-1123

On the web: http://www.RealEstateGuy.Net
0 votes Thank Flag Link Tue Jan 31, 2012
I am the buyer, and the only terms and conditions are (court acceptence and loan approval, which has been approved. just worried that if the other offer is higher they will decline mine and accept there's. There is nothing that states about being bumped, and it states that he can get other offers. Just thought if i did everything i was suppose to and i have the signed offer, that i would get it first, with no worries of loosing it.
0 votes Thank Flag Link Tue Jan 31, 2012
It depends on the terms in the offer. Your question does not provide any information on the terms or circumstances for the primary to be bumped. It appears your are the buyer with an accepted offer of a home that is part of an estate and your offer is in primary position.
0 votes Thank Flag Link Tue Jan 31, 2012
Great question for an attorney. Are there any in the Trulia community here in Madison? If not I am happy to refer you to a few. Good luck.

Mark Gladue
608-239-5593
mark@markgladue.com
0 votes Thank Flag Link Tue Jan 31, 2012
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