Re: Seller accepting better offer


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Posted by Rick Manzanares on January 26, 1998 at 23:41:45:

In Reply to: Seller accepting better offer posted by John on January 23, 1998 at 21:08:00:

John,

I'm not sure what state this occured in, but I practiced real estate sales in Northern California for about 2.5 years. In your situation, if the seller accepted your offer and signed the purchase agreement ratifying their acceptance, you have the law on your side. You could sue them and win. Now I know that you've spent your last penny and could not pursue legal recourse, but you do have right to damages, equal to 3% of the ratified purchase price. The 3% usually comes from the earnest money deposit (usually $500-$1000) plus the added deposit once the offer has been ratified to show good faith that you intend to purchase the home. This second deposit usually runs in the thousands, because "it" combined with the earnest money deposit equals approx. 3%. Your real estate professional should be able to assist you in this matter. Locally, you may find mediation groups that can help you and the sellers arrive at a compromise. It's unfortunate that this has occured to you. I am apalled at the lack of integrity you find in some people today. Hope the advice helps. There are also attorney's in your area that should be able to give you an initial consultation for $25 for 1/2 hour. Best wishes.

: I bought a house and two days after the loan was approved the seller told me they got a better offer and considered my offer void. I literally pumped every cent I had into getting this house. The seller knows this--and has in no uncertain terms told me that if I try to bring legal action they will pull every string possible to keep from having to sell to me. The bottom line is that, even though they ratified an offer with me, I don't really have the money to fight them. I'm going to have to give up my dream of having a house, but want to know if I can at least pursue them in small claims court for the expenses (inspections, appraisals, etc.) that I incurred? Thanks




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