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Real Estate: Part Deux

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Old 05-11-2007, 06:13 PM   #1
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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.
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Old 05-11-2007, 06:38 PM   #2
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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
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Old 05-11-2007, 07:36 PM   #3
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Re: Real Estate: Part Deux

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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.
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Old 05-11-2007, 09:31 PM   #4
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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.
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Old 05-11-2007, 09:38 PM   #5
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Re: Real Estate: Part Deux

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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.
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Old 05-12-2007, 03:51 PM   #6
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Re: Real Estate: Part Deux

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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.
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Old 05-12-2007, 04:07 PM   #7
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Re: Real Estate: Part Deux

I am definately not going to do it, I was just curious.
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Old 05-12-2007, 07:05 PM   #8
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Re: Real Estate: Part Deux

Wuss...
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