Learned a valuable lesson today - Always have a TIME next to the date on a contract

[Luke W.]

Today I met a seller and negotiated a great deal. We signed the purchase agreement in the kitchen before I left. He had mentioned that he had scheduled a few appointments in the afternoon, but I assumed he would cancel them since we had a signed agreement. I hadn't had time to get to my scanner yet when he called and told me he signed a contract for $6,000 more with another buyer. I could probably raise a stink and hold up their deal, but I'd rather keep my reputation with that investor than make the money. I hadn't quite decided if I was going to keep the property as a rental or wholesale the deal off, but I guess I don't have to think about that any longer.

Lesson learned - always have a time next to the date for possible proof of having the first contract... and, get it to the title company as quickly as possible (although 4 hours isn't that long haha).

[Wayne Brooks]

A time wouldn't really matter, since the other one wouldn't have one.  Recording something in the courthouse is the only thing that creates any "notice" or semblance of protection.