Question for brokers/agents/lawyers (contract, sellers, broker, short sale)

[jbrow895]

I have a contract on a home it was rattified. 48 hours ago rec word from sellers agent another contract was sent and accepted. The contract that was accepted has the sellers agent representing the buyer and seller. What leagl action can I take? Isn't this unethical? My agents broker is contacting the sellers broker. Is there any chance of still getting the property? Help

[pghquest]

Originally Posted by jbrow895

I have a contract on a home it was rattified. 48 hours ago rec word from sellers agent another contract was sent and accepted. The contract that was accepted has the sellers agent representing the buyer and seller. What leagl action can I take? Isn't this unethical? My agents broker is contacting the sellers broker. Is there any chance of still getting the property? Help

Its more then likely a mistake and very easily fixed.

Leave that up to your agent to get resolved, thats what your agents getting paid for. Move on to get the financing lined up and ready to close because that does not void the contract.

[palmcoasting]

Was this a straight resale purchase or was it a short sale or bank owned property?

[Captain Bill]

Originally Posted by jbrow895

I have a contract on a home it was rattified. 48 hours ago rec word from sellers agent another contract was sent and accepted. The contract that was accepted has the sellers agent representing the buyer and seller. What leagl action can I take? Isn't this unethical? My agents broker is contacting the sellers broker. Is there any chance of still getting the property? Help

Depending on the law in your state, and if this is not a short sale, multiple offers must be disclosed.

In AZ and CA if you have a second offer then you have to disclose in writing that you are working with multiple offers.

You say that your contract was ratified. I assume you mean that your offer was accepted and you received a signed copy of the acceptance. If that is the case, then the second offer that came in would be a back up offer and cannot be accepted by the seller unless you cancel your contract.

You're on the right track. You agent's broker is involved and will get it straightened out.

[MissionGrove]

You would have to explain how it was ratified before getting the correct answer. If it was a bank owned property, ratification does not happen when you accept their counter offer (They always counter). The actual lender will have to sign before it becomes ratified. With a normal sale, ratification can happen one acceptance is communicated and without further action required. Since the seller makes the counter, signs the counter and is only looking for your acceptance, your communicating acceptance of the new terms ratifies the contract. Banks rarely, if ever, sign their counter offer and will only be ratified long after your approval of their terms.