Estate Sale with offer sheet signed (flat fee, real estate, lawyers)

[ethannonjr]

I made an offer on an estate sale property that was signed by both parties, only to find out that the next day a higher offer was made, and the said that my offer is now null and void because they have to go with the highest offer....they told me that they even have to accept a higher offer even after a P&S has been signed. Thoughts anyone?

[ACWhite]

Talk to your Realtor and attorney.

[lee_in_beechtree]

Did the P&S have any addendum or clauses stating that other offers could be tendered?

If not, it sounds to me like it was a binding contract that cannot be broken without some remedy for you.

Check out this advice, too:
http://www.friedlanderlaw.net/wp-con...te-booklet.pdf

[ACWhite]

Originally Posted by lee_in_beechtree

Did the P&S have any addendum or clauses stating that other offers could be tendered?

If not, it sounds to me like it was a binding contract that cannot be broken without some remedy for you.

Check out this advice, too:
http://www.friedlanderlaw.net/wp-con...te-booklet.pdf

Most RE contracts have contingencies such as inspection, financing, etc., which may or may not have been removed. There may or may not be "wiggle room" in the contract. So we can't say whether it was binding without seeing the contract, and that is why the OP needs to talk to experts who HAVE seen it.

[lee_in_beechtree]

Originally Posted by ACWhite

Most RE contracts have contingencies such as inspection, financing, etc., which may or may not have been removed. There may or may not be "wiggle room" in the contract. So we can't say whether it was binding without seeing the contract, and that is why the OP needs to talk to experts who HAVE seen it.

I agree about consulting with experts when appropriate, but even a neophyte can read a P&S Agreement - as boring and tedious as it might be - and decide whether there are any clauses or addendum that could possibly nullify the contract.

For example, if there is a clause that states that the buyer can rescind the Agreement within 3 days if a better offer is received, then why bother giving money to a shyster lawyer?

[ACWhite]

Originally Posted by lee_in_beechtree

I agree about consulting with experts when appropriate, but even a neophyte can read a P&S Agreement - as boring and tedious as it might be - and decide whether there are any clauses or addendum that could possibly nullify the contract.

For example, if there is a clause that states that the buyer can rescind the Agreement within 3 days if a better offer is received, then why bother giving money to a shyster lawyer?

OP probably already realized she or he could read a P&S Agreement. But if one doesn't feel confident about the reading, that's a good reason to pay a lawyer, and it is common for lawyers to be paid a flat fee for handling all aspects of a routine real estate transaction. And, his/her Realtor does not have to be paid a cent more.

You have not seen the contract, nor have I. We cannot give advice, legal or otherwise, about what is in his/her contract.

[lee_in_beechtree]

Originally Posted by ACWhite

OP probably already realized she or he could read a P&S Agreement.

You know what happens when you ASSUME things. Some people do not have the patience or fortitude to read such things. Maybe that's why he/she asked on C-D?

But if one doesn't feel confident about the reading, that's a good reason to pay a lawyer,

There are only bad reasons to pay a shyster lawyer. The OP could also upload a copy of the P&S here, carefully redacted, and let people take a look at it who are confident with reading such dribble.

and it is common for lawyers to be paid a flat fee for handling all aspects of a routine real estate transaction. And, his/her Realtor does not have to be paid a cent more.

It is my experience in these dispute cases that the realtor will cover his a$$ and defer to a lawyer. And it is still money out of the OP's pocket for something that may not be needed.

You have not seen the contract, nor have I. We cannot give advice, legal or otherwise, about what is in his/her contract.

I know I haven't offered any legal advice, but I can offer all the "otherwise" advice I want. I only used an example of something that could be in the Agreement that the OP can look for.

And you must know that you can't call it a Contract since no one has verified that it is a legally binding.

[chazas]

Hypothetically speaking only - if someone has a standard NoVa real estate contract, signed by the buyer, and ratified by the seller, with no odd provisions added by the seller - I don't know how the seller could back out unilaterally.

Consult a lawyer.