Question Details

Jen, Other/Just Looking in Minneapolis, MN

Are there any limitations on an owner pursuing a lease arrangement while entertaining written offers?

Asked by Jen, Minneapolis, MN Sun Mar 9, 2008

After viewing a townhome twice, I made a formal offer to buy it on Saturday. My agent was in contact with the seller's agent throughout the process. On Monday, I received a counter-offer that included an incentive to close a month earlier than in the purchase agreement. A few hours later, I was told that the owner had changed his mind and was planning to rent the property instead of move forward with a sale, even though our side had agreed in principle to the counter-offer. As a first-time homebuyer, is there something else I should have done to protect myself from this situation? I'd add that the property is still posted on MLS (a week later) even though we have confirmed through independent research that the property has been leased. It seems like everyone involved in the transaction (seller, seller's agent, etc.) has acted in bad faith, but maybe this is common?

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