What can I do, my sellers agent accepted two contracts on one house and now we cant get the house, because ours was the second contract.?

Asked by Jwml1977, Johnson City, TN Sat Feb 4, 2012

Our loan was approved and closing date was set, but now we have no home to buy. This is very upsetting, we had already told our landlord we were moving.

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Yuri Katz’s answer
Yuri Katz, Agent, Los Angeles, CA
Wed Feb 8, 2012
Are you sure you're not confusing "back up" offer with accepted offer, or acceptance of your offer subject to cancellation of previous contract?
Have you put your earnest money deposit in escrow?
Has your escrow even opened?
0 votes
Ted Mackel, Agent, Simi Valley, CA
Sat Feb 4, 2012
Was this a Short Sale? If it was, then the Short Sale Addendum has a provision for the Seller to submit all offers to the Seller's Lender. This would provide a loophole for multiple signed contracts as the Seller's lender is not obligated to approve the sale price based on the order the offers were signed. The Short Sale Addendum essentially puts you in the the postion that you do not have a binding contract without Short Sale Approval meaning written commitment from the Seller's Lender.
Web Reference:  http://www.HomeBuysBlog.com
0 votes
John Juarez, Agent, Fremont, CA
Sat Feb 4, 2012
The seller's agent may have created a problem for him/herself and the seller. You need to review your situation with an attorney to determine your next step.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Feb 4, 2012
If the seller did in fact have two executed contracts, it's in your best interest to consult with an attorney who specializes in real estate, see what options you may have....
0 votes
Laura Coffey, Agent, Santa Clarita, CA
Sat Feb 4, 2012
If you have a binding contract with a seller you need to contact legal council right away.
Web Reference:  http://www.laura4homes.com
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Sat Feb 4, 2012
I don't understand this. You are a buyer not a seller. You have a signed contract with a seller?
Did the seller really sign? If he did, and if he is party to 2 signed contracts he has a problem.
Do you have an agent?
CALL AN ATTORNEY.
0 votes
With the help of an attorney, file a law suit for specific performance against the seller. Hopefully law-suit is filed prior to house is sold if it is not you would be dealing with contract law and filing complaint against selling agent with Real Estate commission and Department of business and professional licenses. You may have some recourse against your agent as well.
Flag Sat Jan 25, 2014
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