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need help with question about purchase agreement default

Asked by Need Help, Thu Jul 3, 2008

I entered into a purchase agreement contract as a backup offer on a house - the seller accepted and signed agreement and good faith deposit was to be delivered if initial contract with first buyer fell through - it did so on Monday, so check was delivered to agent on Wednesday - however seller now says that he received a second backup and will go with that one instead - has the seller defaulted on my signed contract? should i look into pursuing for specific performance?

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the selling agent or homeowner can accept as many "back up" or contingent offers they wish ....your offer would only be good IF the contract was signed as "accepted" by the seller during the time of the contract. If you have a signed contract from the seller accepting your offer, and the seller then decided not to honor that agreement, then I would think specifice performance would apply
0 votes Thank Flag Link Sat Jul 5, 2008
Depends. If you will email or fax your contract, would be glad to review. I do know this...a seller cannot sign a contract for more than one buyer at a given time. They cannot sell their property to two buyers, right!!! Have an attorney look at your contract???
0 votes Thank Flag Link Fri Jul 4, 2008
sounds like you need a good Realtor...a qualified Buyers Agent. I see these questions all the time.

At this stage, take back your deposit and walk away, unless you have $20K and alot of time to waste
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Fri Jul 4, 2008
These types of questions quickly boil down to the technical aspect of your contract, signatures, delivery, specific verbiage etc. You need a competent real estate agent or attorney to examine your contract.
0 votes Thank Flag Link Fri Jul 4, 2008
What does your agent and broker state with seeing all difficult to state.
0 votes Thank Flag Link Fri Jul 4, 2008
sorry - would have to see your contract to give you an opinion. I am licensed in VA. If you do not have an agent, and are working on a transaction in VA, send me the contract, I'd be happy to review it and give you my best advice, and can hook you up with some great attorneys if you need to go that route.
0 votes Thank Flag Link Thu Jul 3, 2008
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