Acceptance rescinded by Homepath - because there is "Interest"?

[Mike H.]

Is that even legal? Is it ethical?

I had a homepath offer accepted on the 30th at 11:54 pm so basically midnight. And we went to get the packet in (signed doc, earnest money, etc) today but my realtor got another email today stating that the offer was not accepted.

We were told by the asset manager and listing agent that there is now some additional "interest" in the property so they essentially backed out to open it up to bidding again.

Has anybody ever seen anything like this before? Its not some out of this world deal that I'm heartbroken over. But at this point, its got me worked up because of the principle of the thing.

They accepted an offer. And, yes, the acceptance states its not binding until both parties sign. But doesn't that still mean they are on the hook as long as I get the contract back to them and earnest money in by their set period of time?

It makes no sense that I could submit that stuff and they could just sit on the contract as long as they wanted to and then back out whenever they wanted to.

Isn't there such a thing as offer and acceptance and the acceptance being inferred as conditional based on the docs being signed and earnest money being submitted within homepath's set time limit?

If not, has anybody else ever seen homepath pull this nonsense?

With HUD, when they accept the offer, I have a set period of time to sign the contract and get my earnest money in. If I do, then they are on the hook for the deal.

I have never seen where the seller like homepath or an REO can accept an offer but still be able to back out while they're playing games with the contract.

Seems to me to promote some real nonsense with the listing agents who can then see what bid was accepted and bring in competition. 

This house had sat for four months and nobody was bidding on it. I start bidding on it and get an offer accepted and now they pull this craziness.

Yet the asset manager told me it was coming back out for bid and I could bid on it again.

I told him I would but I'd be cutting my offer down even more this time.

I've never been so worked up over an offer thing like this. And the funny part is I really don't want this house that bad. I just can't believe they can get away with this blankety blank blank kind of operational.

And, yes, I already called to file a complaint with homepath. And asked to escalate so I could leave a message with a higher up. And am able to leave another complaint as well. So I am going to hit these blankety blank blanks with a ton of complaints on this deal. But I just don't see how any agency can get away with operating like this.

This was NOT a verbal acceptance by the listing agent or asset manager. It was an explicit acceptance by the seller (homepath) of my offer. It was qualified though that the deal was not binding until both parties signed the agreement so legally they seem to be giving themselves an out.  But I would argue that the offer was accepted and binding and its stating more that the deal itself is not binding until both parties sign (and earnest money is received within their designated timeframe).

Quite honestly, if I thought I could sue and it would cost me 5k or less I would do it in a heartbeat. Not saying I'm positive I would win. But I would love to make the argument and stick it to them for being so underhanded......