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Lost The House |
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Dear Ms. Lank, My wife and I recently attempted to purchase a dream home, but instead had a very disheartening experience.The home was offered for sale on a Friday.We were the first in, on Saturday morning.By noon on Saturday we made our first offer through our agent, who was different from the seller’s agent.They countered with a different price and we countered that.Our agent told us they said they were accepting our last offer.
Monday we had heard nothing, so our agent went to the other agent and was given the disturbing news that “the seller had decided to take a higher offer.” It was a fait accompli. The seller’s agent stated that since the seller hadn’t signed accepting our counter-offer, what they had done was legal.
But was this ethical? I can understand they might take a better offer, but I feel we should have had the option of matching it.How would the majority of agents feel about this behavior? I would greatly appreciate your thoughts on this |
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The Statue of Frauds mandates that certain contracts must be in writing to be enforceable, and among those is any contract for the sale of real estate.Translation: it’s not binding until it’s in writing and signed by both parties.
If that really was a just-listed dream home, you took a gamble by offering less than the asking price, and you did it twice. Some buyers feel that a first offer should be low, that the sellers will surely counter, that the next offer should split the difference and that it all goes back and forth like a tennis game.Experience shows, though, that too many counters often kill the deal. Emotions get involved, someone says “It’s not the money, it’s the principle of the thing” and there goes the whole ball game.
Those sellers were free to deal with anyone they wished until a binding contract was signed by both parties. They may have had their own reasons for avoiding a bidding situation, or preferring another buyer. Their agent was legally obligated to put their interests first, obey their instructions, and keep their business confidential.
Your agent owed those same duties to you, but it’s hard to see where she failed. Unless you suspect some violation of fair housing laws, I guess you can just chalk it all up to bad luck.
I’m willing to bet, though, that there’s an even more perfect house out there just waiting for you
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Edith
Originally published on April 6, 2006 |
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