Buying a house

Asked by James, Wed Feb 4, 2009

We recently had a contract on a house. Our agent was not the listing agent. We had to get an extention b/c our loan was not complete. The listing agent assured our agent that this was done. We do have a closing date. However, we were informed that our house was put back on the market and another offer was made. Is this legal? Can the house be sold out from under us like this?

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Tammy Campbe…, Agent, Saint Pete Beach, FL
Wed Feb 4, 2009
Hi James,
If your offer is still in first place then you may have a "kick out clause" giving you a certain amount of days to purchase the property. In this buyers market, sellers are smart to accept backups...especially in this lending climate where loans are difficult to get. Your home was propably put back on as "active with contract" which lets people know there are contingencies that need to be met and it is still ok to show it. When someone needs an extension due to financing, sellers get worried. It sounds like if you get your loan approved in the time given for the extension (if there is one) then you should be fine. Remember to get all extensions in writing and alway seek the advice of an attorney if you feel you are unclear about the laws in your state.

Good luck!
Tammy Campbell Plummer PA
Realtor, CHMS
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Larry Story, Agent, Greensboro, NC
Wed Feb 4, 2009
You would need to have a real estate attorney weigh in since there maybe a piece of the puzzle I don't know of. Yes it really is the decision of the listing agent and the homeowner on whether to take back up offers. Now you have a valid contract and a closing date. I know in NC a buyer has a 10 day grace period from the original closing date if an extension is needed. If it is longer then that there is paperwork to do. All they may have done is to take a back up offer in case you could not follow thru to buy the home. Check with your buyers agent and make sure that this is indeed the case.

Hope this helps,
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Penny O'Brien, Agent, Las Vegas, NV
Wed Feb 4, 2009
Oh no, I hope your agent put in an addendum to extend the time for escrow. If not and the contract expired yoiu could be in a mess. Contact your agent and make them accountable for the situation..Penny
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Barbara Silc…, Agent, Bensalem, PA
Wed Feb 4, 2009
In PA the seller has the right to kick you out if are out of contract with your contingencies. What the agents should have done was to put an addednum in place and have it signed by all parties extending the dates. If this was not done, you are out of contract and the house can go back on the market.
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