We signed our sales agreement and the REA is still showing the place!

nov04LIbride Posted: Jun 02, 2004 09:19 AM

We signed our sales agreement and the REA is still showing the place!

Last Thursday we signed the sales agreement for our condo. We gave them a good faith deposit (only $100) and gave the agreement to our lawyer to look over. An ad. ran on Sunday in the paper for the condo--I figured he put it in before we signed, but I had a friend call to make sure. Turns out it is the same unit and he offered to show it to her, not mentioning that a sales agreement had been signed! What's going on--can they still show the place and accept a higher bid at this point? I thought the agreement was binding, but can they just get out of it?

Kelly9904 Posted: Jun 02, 2004 09:22 AM

Re: We signed our sales agreement and the REA is still showing the place!

As I understand it, They can continue to show the home and entertain bids up until both parties sign the contract. Most likely they are doing so just in case your deal falls through for any reason, they have a back up.
Dont worry too much, just push your lawyer to get the contracts for your to sign!!!

nov04LIbride Posted: Jun 02, 2004 09:33 AM

Re: We signed our sales agreement and the REA is still showing the place!

Thanks--here is the other problem--we signed the sales agreement, which had lines to write our lawyer info. We put down the info., but the sellers said their lawyer was out of town for the weekend, and did not write down his info. Our lawyer is now waiting to hear who their lawyer is, and how to contact him. In the meantime do you think they are just stringing us along, not making any headway, while entertaining other bids? I am starting to get nervous that it may fall through.

sept20yay Posted: Jun 02, 2004 09:52 AM

Re: We signed our sales agreement and the REA is still showing the place!

Okay, so it seems like this weekend you signed a binder, not the contract. They will still show the house then in case your stuff falls through. Here is what worries me though: The RE has to say if someone calls interested in that unit that it has an accepted offer on it. He did not say that to your friend. That means that they are still taking offers on the house. These agents are so sneaky. We saw one house with a AO on it and the RE told me to bid higher to 'knock their's out of the park'. I was like no thank you, because IMO, someone else was counting on that home.

sept20yay Posted: Jun 02, 2004 09:53 AM

Re: We signed our sales agreement and the REA is still showing the place!

Get an inspector in there and get the contract written up ASAP!

swags1016 Posted: Jun 02, 2004 12:15 PM

Re: We signed our sales agreement and the REA is still showing the place!

Posted by sept20yay

Get an inspector in there and get the contract written up ASAP!

I agree 1000000%!!!

Move fast on this. I know when we signed the binder on our house. Their agent told them to continue to show the house even though they didn't want to. We were on pins and needles because of what ifs. You can breathe once the contracts are signed!!! Have your lawyer call the RE and ask who their lawyer is and when exactly will he be back so that he can get in contact with him.

Have you used your lawyer before? If you have and know him well, tell him your fears and ask him to please be on top of this and tell him you want to move ASAP into contract

Teri Posted: Jun 02, 2004 12:30 PM

Re: We signed our sales agreement and the REA is still showing the place!

Until you're officially in contract, they can still show the house.

We had an accepted offer on our house and the owners still had their open house the next day (it was too late to cancel).

That's why it's so important to legally be in contract, so that both parties are obligated to the sale.

Karacg Posted: Jun 03, 2004 03:54 PM

Re: We signed our sales agreement and the REA is still showing the place!

I have already signed the contract on my apt. (I am the seller) but will continue to show it until the applicant has been approved by the Board. This is just so that I have back-ups in case the sale falls through -- as the first 2 did!! I've lost a whole year because both buyers fell through so the seller has to keep every possibility in mind and cover him/herself just in case...but yes, they just keep the names in case the sale falls through, USUALLY.... IF they are legit!!

philby Posted: Jun 03, 2004 10:24 PM

Re: We signed our sales agreement and the REA is still showing the place!

We used to sign a binder on every house we might have liked. I am not kidding, I remember signing three in one weekend. All the binder states id that you are a serious bidder, hence the deposit. It is not a document that guarantees you the house, that is the contract. The owners can still entertain offers which is what happened to us. It went to a bidding war and we won. Good luck!!