Question Details

Margusha, Home Buyer in 94566

is it fair to tell buyer they've got the deal and back out?

Asked by Margusha, 94566 Fri May 15, 2009

Shall realtor follow Code of Ethics?
We have been told by sellers agent we've got the deal, but sellers will sign papers next day. Following day there was "misterious" second offer and new counter appeared. At higher price than it was agreed. I know that was a "verbal" agreement, but isnt the realtor has to be honest?

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5
Realtors do follow a code of ethics, rules, and guidelines.
Unfortunately for you, "verbal offers" are not binding or enforcable.

The issue of multiple offers can be tricky and often leaves the buyer that loses out, hurt and resentful.
2 votes Thank Flag Link Sat May 16, 2009
You might want to read the code of ethics. Visit http://www.realtor.org and type in "Code of Ethics 2009".

In the real world things happen like this. Offers come in out of nowhere. Check out the facts first before assuming that your Realtor was not truthful. I do hope you have a Realtor that represents your interests, right?
1 vote Thank Flag Link Sat May 16, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Unfortunately (for you, fortunately for the seller) when someone else heard there was an offer on the table they stepped up to the plate and gave it their all. Some sellers will stick to their first accepted offer, other’s don’t. You have more of a “beef” with the seller than the seller’s agent, although the seller did nothing wrong either. The seller is really being unwise, however, because now you will go away mad. They should have kept your offer and taken the second as a back up to yours. Now they have only the one offer, and if that falls thru, you will most likely not want to deal with this seller again.
1 vote Thank Flag Link Sat May 16, 2009
Margusha is it fair is the question that you asked. No I do not believe it is fair but it is legal. A written and fully signed off contract is the only thing in real estate that is binding, verbals do not count! As for ethics it is something that I would remind my sellers that we had commited already to buyer number 1 but I would present the offer to them also. As a listing agent it would show me in a poor light to verbally commit to one offer then accept a second.
Web Reference: http://www.Find1Home.com
1 vote Thank Flag Link Sat May 16, 2009
Unfortunately,a verbal agreement is not binding. Unless you have it in writing,signed by both sides,you do not have a deal.
1 vote Thank Flag Link Fri May 15, 2009
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