All Forum Posts by: Todd Riner

Thanks Tom...maybe just bad or mis-communication on the listing agent's part.  I appreciate the input.

No one is trying to dictate how the seller/buyer negotiated...I just want to know that the seller had something to do with the negotiation and the agent wasn't negotiating in his/her best interest (i.e. family member, full commission, etc.) I'd appreciate if you read the full story and understood before chiming in.  The 7 day wait occurred because of research I needed to do on the property...something most wise investors do!  Thanks for the input.

Brian, my offer was accepted as a backup and if that is what the seller decided, that is certainly his right.  Without writing a book, that is not what seemed to happen here.  As previously stated, the previous contract expired.  That is why my agent was contacted to see if I was still interested.  Until then, he could not even show me the property.  Then when my offer was submitted, we were told the previous buyer was being given an addition week to acquire alternate financing.  Again, fine as long as the seller agreed to this. But if they were being given more time, why would the listing agent call my agent first thing the morning after expiration to let him know it was back not he market?  Since I personally know and had conversation with the seller, and he made no mention of this, it certainly looks like the agent is making the decision to go with the first buyer and the seller may not be aware.

Understood, In WV, I don't think the attorneys get involved until closing unless requested by the buyer/seller.  It just seemed very odd to me that when I initially pursued the property and found it was under contract, my agent couldn't even show it to me until the other contract had expired; hence the 1 December showing.  I also personally know the seller and spoke with him the day before submitting my offer.  He made no mention of giving the previous buyer more time.  Either way, thank you for your reply and information.  I will definitely keep this in mind with future deals!    

Thanks Russell, I appreciate the reply.

Thanks Brie for the reply.  Just to clarify, the buyer/seller had to agree to extend (I would assume in writing) since the contract expired, correct?  I'm perfectly fine with the extension done ethically, but if they were going to extend, why did the listing agent call my agent the day after expiration and tell us it was back on the market?

I recently found a property I was interested in and upon further research revealed it was under contract until 30 Nov 2017 (per listing agent) The property could not be shown until that contract expired. On 1 Dec, the listing agent contacted my agent to inform us the property was back on the market due to financing issues. I immediately set up an appointment to view the property and made an offer several days later (7 Dec). When my agent attempted to submit the offer, it was realized the listing agent did not release the property in the MLS. The listing agent informed my agent she allowed the previous buyer an additional week to acquire alternate financing; she would know something the following day (8 Dec). The following day I was notified the previous buyer acquired alternate financing and the listing agent was proceeding with them.

Questions:  

1.  Is this legal without the seller signing/accepting a new contract or addendum stating the new deadline?

2. What recourse (if any) do I have to pursue this?