IS THIS AGENT BREAKING THE LAW?

[Rachel Luoto]

Hi BP! Can anyone give me their two cents here?

I put an offer on an MLS property for full list price, 20% down - very straightforward. We got a verbal acceptance of the offer last night.

Today, the agent got another, higher offer and decided to take that instead.

Is it legal for him to give a verbal and renege? Or is it only binding if it's accepted in writing?

Thanks all. It was very disappointing to finally think I'm buying, then have the deal stolen from under me!

[Russell Brazil]

Verbal means nothing. Has to be in writing. The statute of frauds requires real estate contracts to be in writing.