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.

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

Re: Real Estate: Part Deux
 

[QUOTE=dmek25;309404]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[/QUOTE]

Yup yup.

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.

Re: Real Estate: Part Deux
 

[quote=Sheriff Gonna Getcha;309466]What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.[/quote]

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.

Re: Real Estate: Part Deux
 

[QUOTE=Sheriff Gonna Getcha;309466]What would the damages be? The cost of an appraiser, inspector, etc? Breach of contract doesn't mean much if there are no damages.[/QUOTE]

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.

Re: Real Estate: Part Deux
 

I am definately not going to do it, I was just curious.

Re: Real Estate: Part Deux
 

Wuss...