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Contingency on a Backup Offer |
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We put in an offer on a home as did one other couple. The other couple offered more money, so their offer was accepted. We are secondary buyers with our offer that was accepted. We decided to remove the contingency to sell our home, thinking we would then become primary buyers. The information that tells the other couple we dropped our contingency was not given to them until 2 days later. Now they have another 72 hours to drop their contingency or withdraw.
Is there a guideline that requires agents to act in a timely fashion? We feel the other agent dragged his feet and is giving his client more time to decide what to do or sell their home. Could we possibly file some type of a grievence? |
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I haven't seen the contracts involved, and I don't know just what the agent's or seller's legal responsibilities are in the situation you describe. I'm not sure removing your contingency would automatically more you out of your back-up-contract position, but again, I haven't seen the contracts. At any rate, grievances can be filed with the local Board of Realtors, if the agents involved are members. Complaints canb e discussed with the supervising broker in that office. Contacting the license authorities is a drastic step reserved for the most egregious offenses. |
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Edith
Originally published on June 4, 2007 |
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