In such cases, the buyer would have to choose which house they want most, and cancel the other contracts. And this could lead to the loss of earnest money. Many agents consider it to be unethical, as well. And speaking of that…. We wanted to know what real estate agents had to say on this subject.
So we reviewed dozens of responses to similar questions on Trulia and Zillow. The two responses below are representative of what many professionals had to say.
The sales and purchase contract is a commitment to purchase a property. You could lose your deposit if two offers are accepted simultaneously. How can you just walk away without proof that the condition has not been met? But the language is actually very clear. It reminds me a bit of those poorly worded voting measures where the vote is to NOT do something, so by voting yes, you are actually voting against the issue, and vice versa.
But if you read carefully then it becomes obvious. Besides I believe in karma so if you try to pull something like this know that your girlfriend will leave you, your dog will die, and lightning will strike you….. If you want to put in 2 offers,,, make it a plain buyer approval condition for as short period as possible,, like one or two hours.
The way the conditions are written, as I provided in the blog post above, allows the buyer to simply NOT provide a waiver, and the deal automatically terminates. I would say new builds have more problems than resale the way builders are building, unfortunately. Hi David, with regards to your example in the post, you are saying that the buyer can insert an inspection clause, provide the deposit, and then let the agreement expire and they would not be in breach of contract.
Would the buyers not also have to actually perform an inspection even if it is just for optics , in order to prove they had intent to close, and then say they were not satisfied with the report? The Supreme Court has recognized a duty of good faith in contractual performance which the above may run afoul of. If the seller really wanted to push the matter and litigate, you may have to produce evidence that you refused to waive this condition for a reason. But why not transact with him?
Either he closes on your deal or he is in breach with your deal, in which case, you have a right for the deposit client probably has to sue but still. Then you turn around and re-sell. What is the downside here? What did your client initially think of the situation? Without sounding like a jerk, my clients hire me because of my knowledge, experience, insight, guidance, etc. Lawsuits take years, and cost money. This is what every market participant wants to avoid. To suggest I put my client in a position where litigation is some sort of benefit, is misguided.
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