Real Estate: Part Deux

Sheriff Gonna Getcha · 05-11-2007, 07:13 PM

I need some more advice about real estate. Okay, so I am making offers on places and lowballing in the hopes that one bites (even if we get 10 rejections). But, I'm interested in actually outbidding another buyer for a home. The problem is that the Seller accepted that buyer's offer. So my question is, what prevents me from coming in and outbidding the other buyer? The offer sheets that I've signed doesn't seem to preclude the Seller from backing out, they ony seem to preclude me (as buyer) from walking away.

dmek25 · 05-11-2007, 07:38 PM

if the seller accepted the written offer, it is a legal binding contract. he could be sued if he tries to accept a better offer

FRPLG · 05-11-2007, 08:36 PM

Quote:

Originally Posted by dmek25

if the seller accepted the written offer, it is a legal binding contract. he could be sued if he tries to accept a better offer

Yup yup.

Sheriff Gonna Getcha · 05-11-2007, 10:31 PM

What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.

Schneed10 · 05-11-2007, 10:38 PM

Quote:

Originally Posted by Sheriff Gonna Getcha

What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.

I think you're probably SOL, unfortunately. But it doesn't hurt to give the seller's agent a call and ask if things are still negotiable. Or maybe ask your agent.

Beemnseven · 05-12-2007, 04:51 PM

Quote:

Originally Posted by Sheriff Gonna Getcha

What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.

Don't even try it. It would be a HUGE legal mess. The other party could sue the homeowner for performance, and you wouldn't get the house anyway.

Sheriff Gonna Getcha · 05-12-2007, 05:07 PM

I am definately not going to do it, I was just curious.

Hog1 · 05-12-2007, 08:05 PM

Wuss...

05-11-2007, 07:13 PM	#1
Sheriff Gonna Getcha Franchise Player Join Date: Feb 2004 Age: 45 Posts: 8,317	Real Estate: Part Deux I need some more advice about real estate. Okay, so I am making offers on places and lowballing in the hopes that one bites (even if we get 10 rejections). But, I'm interested in actually outbidding another buyer for a home. The problem is that the Seller accepted that buyer's offer. So my question is, what prevents me from coming in and outbidding the other buyer? The offer sheets that I've signed doesn't seem to preclude the Seller from backing out, they ony seem to preclude me (as buyer) from walking away.

05-11-2007, 07:38 PM	#2
dmek25 MVP Join Date: Oct 2005 Location: lancaster,pa Age: 63 Posts: 10,672	Re: Real Estate: Part Deux if the seller accepted the written offer, it is a legal binding contract. he could be sued if he tries to accept a better offer __________________ "It's better to be quiet and thought a fool than to open ones mouth and remove all doubt." courtesy of 53fan

05-11-2007, 10:31 PM	#4
Sheriff Gonna Getcha Franchise Player Join Date: Feb 2004 Age: 45 Posts: 8,317	Re: Real Estate: Part Deux What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.

05-12-2007, 05:07 PM	#7
Sheriff Gonna Getcha Franchise Player Join Date: Feb 2004 Age: 45 Posts: 8,317	Re: Real Estate: Part Deux I am definately not going to do it, I was just curious.

05-12-2007, 08:05 PM	#8
Hog1 Quietly Dominating the East Join Date: Mar 2005 Location: Naples, Florida Posts: 10,675	Re: Real Estate: Part Deux Wuss... __________________ Goodbye Sean..........Vaya Con Dios thankyou Joe....... *“God made certain people to play football. He was one of them.” – Joe Gibbs*

Real Estate: Part Deux

Parking Lot