Asked by Rhea, Fremont, CA • Fri Feb 13, 2009
back to us saying that buyer # 1 was unable to perform. Here is the sequence of events:
1. Realtor informed us that a 24 hour notice was generated and sent to buyer #1 asking them to perform.
2. Realtor repeatedly informed us that the contract with buyer #1 was null and void due to failure to perform.
3. Realtor presented our offer to the bank .
4. The bank accepted our offer pending release of contract from buyer # 1.
5. Due to buyer # 2's concern about buyer #1 not releasing contract, realtor advised an addendum to the contract of buyer # 2 which states Removal of contingency subject to release of escrow funds from prior canceled contract
6. Now buyer #1 is ready to close. Realtor asks buyer #2 to walk away by signing a release of contract.
I should also point out that the seller and buyer are working with the same real estate company.
Can the bank engage in a contract with buyer # 1 even though they are in contract with us?
Real Estate in Fremont
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