Home Ownership (misc.consumers.house)

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John
 
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Default House under agreement, realtor still showing house..


I made an offer on a house, and the owner went for it. Signed the Purchase &
Sales agreement.

The realtor is still showing the house, which I guess is normal? I'm just
slightly concerned. What if a party submits a bid significantly higher than
mine, the sellers & realtor have would obviously have incentive to go with
the higher bid. Is there any legal way they can do this? They would need to
nullify my contract I expect.

Does this ever happen? am I being paranoid?

Thanks,

Johnny B.


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Andy Hill
 
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"John" wrote:
I made an offer on a house, and the owner went for it. Signed the Purchase &
Sales agreement.

The realtor is still showing the house, which I guess is normal? I'm just
slightly concerned. What if a party submits a bid significantly higher than
mine, the sellers & realtor have would obviously have incentive to go with
the higher bid. Is there any legal way they can do this? They would need to
nullify my contract I expect.

Does this ever happen? am I being paranoid?

If your offer has been accepted, etc., then the only way the seller can legally
back out is if you fail to perform (assuming there are contingencies in the
contract). If I were the seller or the seller's agent, I'd be doing the same
thing -- buyers flake out all the time, and it's good to have a contingency plan
in place.
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Andrew Koenig
 
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"John" wrote in message
...

I made an offer on a house, and the owner went for it. Signed the Purchase
&
Sales agreement.


Congratulations!

The realtor is still showing the house, which I guess is normal?


Yes. From the seller's viewpoint, what happens if you get hit by a truck?

I'm just
slightly concerned. What if a party submits a bid significantly higher
than
mine, the sellers & realtor have would obviously have incentive to go with
the higher bid. Is there any legal way they can do this? They would need
to
nullify my contract I expect.


Don't know what your contract says, so can't comment. In general, if you
have contracted with someone to buy a house from them, and they don't follow
through on their agreement, you can sue them for any damages that result
from their failure to comply. In practice, I suspect the situation is more
complicated.

Does this ever happen? am I being paranoid?


Maybe you're paranoid, maybe you're not. Either way, you should know that
it is routine to continue to show a house that's already under contract. If
everyone is being honest, the showings will come to naught unless you're
unable to fulfill your part of the bargain.



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v
 
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On Mon, 11 Oct 2004 12:34:40 -0400, someone wrote:


I made an offer on a house, and the owner went for it. Signed the Purchase &
Sales agreement.

The realtor is still showing the house, which I guess is normal?

Yup. You haven't actually bought it until the closing. right now you
are just promising you are going to actually buy it. Do you have any
contingencies that have not been fulfilled? Sometimes people can't
get their mortgages, lose their job, whatever. You're darn right they
are going to keep showing it as long as its still their house.



slightly concerned. What if a party submits a bid significantly higher than
mine, the sellers & realtor have would obviously have incentive to go with
the higher bid.

Yup. Sure is. Better not screw up your end of it. Meet all your
dates, don't try to add on any extras or conditions, or they will
gladly invite you to pull out.



Is there any legal way they can do this? They would need to
nullify my contract I expect.

See above. You have a contract? Did you fulfill your end of it?


If you do what you need to do, no problemo. Screw up and you're toast
(IF they get a better offer, which is just speculation on your part,
at this point.)

-v.
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Jim
 
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On Mon, 11 Oct 2004 11:15:32 -0600, Andy Hill
wrote:

"John" wrote:
I made an offer on a house, and the owner went for it. Signed the Purchase &
Sales agreement.

The realtor is still showing the house, which I guess is normal? I'm just
slightly concerned. What if a party submits a bid significantly higher than
mine, the sellers & realtor have would obviously have incentive to go with
the higher bid. Is there any legal way they can do this? They would need to
nullify my contract I expect.

Does this ever happen? am I being paranoid?

If your offer has been accepted, etc., then the only way the seller can legally
back out is if you fail to perform (assuming there are contingencies in the
contract). If I were the seller or the seller's agent, I'd be doing the same
thing -- buyers flake out all the time, and it's good to have a contingency plan
in place.



In England, the seller can back out right up to their equivalent of
closing..so can the seller...makes it hell buying it seems as many
sellers wait and wait and wait, dragging it out hoping to get a better
offer before "exchange of contracts" finalizes the deal. Called
"gazumping" if the sller backs out to take a higher bid if I recall
correctly.

Jim P.
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