LJ Posted August 28, 2013 Report Share Posted August 28, 2013 The sellers agent had a checklist of requirements(paperwork) that needed to be met. I met the requirements and made a full price agreement to their terms which was made with zero contingencies. But you stated you were financing correct? That is a built in financing contingancy where the seller cannot sue for specific performance if you feel to get financing. My comment regarding mls referred to the fact that once they decided to advertise the property to the general public, they opened themselves up to anyone capable of the terms and no longer could state it was a private sale. Not the case in it no longer being a private sale. That really isn't a term in real estate law. It's an arm's length sale. You are referring to "pocket listings" which are typically frowned upon by the Real Estate Board. This conversation isn't to try and find a way to get this house in question, more so to clarify the legality of what seems like nothing more than "accepted practices" vs. definite legal dealings. Consumers have rights for a reason and just because this one hasn't been challenged yet doesn't mean banks/realtors are operating legally. Plenty parts have been challenged, which is why an offer is typically 4-5 pages long and approved by an attorney. Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted August 28, 2013 Report Share Posted August 28, 2013 Option that my realtor suggested when I was shopping and got into a bidding war... Decide the max price you're willing to pay for the property (say $250k). Then rather than just out and bidding $250k, write your B&FO as "I will beat any other written offer by $1k, to a maximum closing price of $250k." At that point, if the seller says "You've won," they have to hand over the second-place offer so you can verify you're paying the correct price. If they say "You lose," then the only thing you've lost is the opportunity and some time. Quote Link to comment Share on other sites More sharing options...
Mallard Posted August 28, 2013 Report Share Posted August 28, 2013 Option that my realtor suggested when I was shopping and got into a bidding war... Decide the max price you're willing to pay for the property (say $250k). Then rather than just out and bidding $250k, write your B&FO as "I will beat any other written offer by $1k, to a maximum closing price of $250k." At that point, if the seller says "You've won," they have to hand over the second-place offer so you can verify you're paying the correct price. If they say "You lose," then the only thing you've lost is the opportunity and some time. I actually came here to post this as well, and this is how we just bought our new house. Quote Link to comment Share on other sites More sharing options...
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