Damn, sucks that the deal fell through. By law, do they have 3 days to change their minds after signing a contract or is that only for the buyer?

 

Sanj,

It's been a crazy experience dealing with realtors. Basically I had a verbal commitment and I faxed in my offer which they agreed to however the seller didn't sign the deal (eventhough the seller's realtor had power of attorney which makes no sense) on Friday. She calls my realtor early Saturday saying another offer has come in thats higher and if you don't respond in an hour the seller is going to take the other offer. Mind you they gave me a 15 minute deadline. By then I was just dumbfounded because the seller's realtor said her client had an engagement friday night and couldn't ratify my contract and late friday she was faxed a better offer. The whole thing is BS. But no worries, I'm actually about to put in a contract on a brand new 2 bedroom/2bath in Herndon and its a lot nicer anyways (I'm paying a lot more but gotta enjoy myself! Plus the G35 gets a garage spot!) but again the entire business is very shady.

My realtor has put in a complaint with NVAR (northern va association of realtors i think?) about what she's because we were under the impression she didnt have POA but it turns out she did. If in fact she really did she could have just ratified my contract on Friday and it would have been a done deal but instead she didnt and gets another better offer and I get screwed. What's even more shadier is I had already contacted lenders and started my loan process as much as I could without a ratified contract.

Espresso, I believe as a buyer I have 10 days to cancel my contract signed but in our case I never even got that it was just a verbal commitment.

 

youll be moving onto something better anyways, dont sweat it pratik

 

Yah this new spot i'm going to put a contract in at lunch is pretty hot!! I'll keep you guys updated but for now I'm not trying to jinx myself!!

 

That was a pretty shady thing for the other party to do, unfortunately, in VA verbal agreements do not commit you to anything legally.

This kind of thing happens all the time, in fact it happened to my friend a few weeks ago

It wont really do you any good to file a complaint, its just not supported legally

 

Best things come to those who wait. you'll be straight. congrats on entering the housing market.

 

Congrats, and nice looking place!

 

Yeah, basically in the end what this comes down to legally they did nothing wrong however morally and ethically they broke all the rules in the book. It's all good though because I'm excited about this new place!

And as stupid as it sounds thanks for the well wishes. I was real down when I got the news but continued my search and I think the place that I'm looking at will appreciate a lot $$$

 

Sounds like your agent put in a complaint with the REB (Real Estate Board). Normally, I submit a expiration date on my offers. The expiration date depends on when the offer is getting presented to the buyer. Agents will tell you when they plan to present. This way, the Agents can't shop your offer around. W/O an expiration date, many agents will hold an offer until the last hour with hopes of more offers coming in. They'll even go as far as calling all agents that have shown the property to see if there's any other interest. Keep in mind, they work for the Seller.
Either way, I am glad you're getting a better property. A garage for the G is a huge plus. Think resale! When's the housewarming?
Talk with you soon.
Sanj

 

^Correct

Similar thing happened to me. I put in an offer and because my realtor put in 4 days in the section of how long I have to get out of the contract. They rejected it and it said it had too many contingencies and went w/ the other offer.

Keep in mind that the sellers realtors told me to submit an offer and then changed her mind and then called again asking us to submit by COB that day..ONLY to reject it for the reason stated above.

Bottom line is that it is all about the money and if a realtor can increase his/her commission...then that is what really matters in the end. Eventhough it may be ethically wrong...there is nothing legally you can do about it.

 

Let me rephrase KlokDeezal's message:
Bottom line: it's all about the most money I can make or save (depending on who I am representing) my client.

 

I actually tried to report her to the NVAR, but they told me that they worst that they could do would be to make her take classes or possibly fine her, but I would have to go to court and show witnesses and testify and it would have cost alot of money to hire a lawyer as well.

They told me that if you want to get so called 'even'...that you could try and get her license revoked, but it is held by the govt and NOT the NVAR.

So I just left it alone and bought another bigger house

 

That's like dealing with usedcar salesmen.....who do you trust? Where ever
you find a place make sure it has a garage so your G will be protected both
summer and winter. It hurts me to see you eastcoast guys with your cars
sitting outside covered with tons of snow! Having your own place is just
about the best thing you could give yourself and besides ladys like guys
that are grounded......whatever that means. haha

 

Congrats in joining the rest of us who are chained to a mortgage. Now that your G isn't the biggest ticket purchase in your life, things like twin turbos, chrome wheels, TI headers, TI exhaust, and exciting things like that become less important.

Doh!!!