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I signed a broker-buyer agreement with a buyer's agent. I also got per-approval from a bank on the loan.
Last month, I found a house I really liked, after a tour asked the broker to put in a bid. Although the house was on the market for many months, somehow another person bid at the same time and got the house instead of me. The agent could give me no details about what happened. I was suspicious that maybe he didn't put in my bid as he was trying to steer me towards some deals where he was the both buyer and seller's agent.
Now, I've found a second home and asked the agent to put in a bid. The process is different though, as now there is a "purchase agreement" for me to sign, listing details about the offer and home, down payment, etc. I do not see anything suspicious about being asked to sign this document, but am concerned I never saw or was asked to sign this document for the first house and suspicious that he never actually put in our bid. Should there have been such a document for the bid on the first home?
The exact contents of the offer vary widely by region... so without knowing where you are, I don't know what should be included... but you're right, they will be roughly the same for all offers.
And I think you're right that if you didn't sign anything before, you didn't really make an offer before.
Our offers are the whole contract, including terms, contingencies, dates, and must be signed by you went sent, and by the seller when accepted.
In your offer, is the offer only signed by both the buyer and seller after its accepted? Is there something the buyer should sign when placing the offer to buy?
In your offer, is the offer only signed by both the buyer and seller after its accepted? Is there something the buyer should sign when placing the offer to buy?
Yes, you need to sign something when making an offer to buy. Verbal offers are not enforceable in court so all offers and subsequent contracts have to be in writing and signed by both parties.
It might not have been handled properly, there's no way to really know. I suspect that your agent called the listing agent to say an offer was forthcoming and was informed that an offer had already been accepted, so no written offer was done. Sounds like your agent could have communicated things better to you.
It might not have been handled properly, there's no way to really know. I suspect that your agent called the listing agent to say an offer was forthcoming and was informed that an offer had already been accepted, so no written offer was done. Sounds like your agent could have communicated things better to you.
If it the case, would the agent tell me the problem? He instead told me I'd know in a week or two if my offer was accepted.
Is there a possibility he could have just filled the purchase agreement out and sent it without needing us to sign it? Is that standard practice?
No, I would not believe that would be "standard practice," but I am in California, so can't say. It would make no sense to me, though.
Now that you have seen a purchase agreement, you can see what is necessary for a sale.
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