On 23 Dec 2003 19:13:02 -0800, (Tim Ebling) wrote:


After looking at the house for the 2nd time, and after asking some
questions of the seller's agent, we were very close to deciding on
whether or not we should proceed, when the seller's agent calls us and
tells us that he had just received an outside offer and was wondering
if we'd like to make a competing offer with him representing us as
buyers. Feeling extremely rushed, yet realizing that this was most
likely our only chance at getting the home, we decided to say yes.


This is your first mistake. I know it's hard to keep your emotions
out of it but this signaled to the agent that you were game for his
antics.


He tells me that the only way we have a shot at getting the house is
to make a full price non-contingent offer. I questioned him about
this since he knew FULL WELL that our current house was not even
listed, and we needed to sell it before making a down payment on a
loan. He replied that this sort of thing is done all the time and is
fairly standard. Now I fully take the blame for being ignorant at the
time of what "contingent" really means, but I trusted his judgment and
assumed he was doing the best thing for both us and the sellers he
also represented. My wife also trusted that this was the right thing
to do. You should also know that we are currently living in our 1st
home, and therefore have never sold a home before. We both assumed
(wrongly as it turns out) that "non-contingent" simply meant that the
seller would know that the financing is contingent but that we were
CONFIDENT that our house would sell before closing on the new house.


Oh boy.... your lack of real estate knowledge or lack of the english
language (if English isn't your primary language) really got you into
a mess. I hope the sellers don't sue you for non-perfomance since you
can't comply to the terms you signed to. My guess is they won't for a
couple of reasons.

I agree with you that the sellers must be excellent people because if
I were them and you signed a contract that read "non-contigent" when
you really didn't have the means to comply with it's terms would make
me "mad" with you. I also agree with others that maybe an attorney on
your side might be good advice.

If this transaction is still viable (contingent or non-contigent),
I'd make sure you don't deal directly with that agent either by having
your own agent or own "REAL ESTATE" attorney. Also please do yourself
a BIG favor and read about real estate terms and general practices
from a book in the meantime. It will help you to ask the RIGHT
questions to achieve your goals.

And yes, I've own / owned / carried paper on many homes and hold a
real estate brokers license. Currently I'm not in practice but I was
formerly.

Sorry if I sound like I came on strong here but I am surprised how
people put so much trust in someone who they don't really know and
involve so much money they can't afford to lose. I wish you luck and
success however it turns out.