New York - seller can accept offer then just back out!

[Cathy S.]

So this is my 5th house purchase in 4 states and 2nd in NY. Apparently although we have an accepted offer, that means nothing in NY. NY is not like other states where there is an actual contract submitted with the offer (that the buyers either sign or don't) so the sellers can back out whenever they want as long as it is before closing with no penalty.

We have earnest money at stake but if the sellers get an offer that is $1000 more with similar terms 3 weeks after they have agreed to your price, they can just back out and take the other offer with no penalty.

My realtor says do you want to make a higher offer? I say it's not the money (I might have gone higher, but they accepted the offer!) but why would I want to deal with people who do business in bad faith? If someone asks you to the prom and you say yes, honorable people do not say to you later "sorry, I got a better offer" - they either say no to you and take their chances or man up and say "sorry, I already have a date" to the second asker.

This was a cash, no contingencies, no inspection offer and it is not a "hot market" area but it was a good deal. What's to stop the listing realtor from shopping your price around? Leaves a bad taste in my mouth.

For those in other states who use a contract to make the offer, consider yourselves lucky. In NY, all contracts are done by lawyers after the initial "binder" agreement. I just wonder who gets to pay for the time our lawyer spent on this before the sellers backed out!

Is this really a common thing or are these "bad faith" sellers/listing realtor?