Calling All Attorneys

[OKRICHLAND]

Hello,
I have a problem and I need the advice of a real-estate attorney.
On June 20th I signed a counter offer on a duplex that I am selling.
It was for considerably less than I wanted for the house.
I was under the impression that the realtor would be in touch within
a day or so.
(No time limit was in the contract).
After three days, I called her.
She told me that all was going well but she was really busy and
she would have to call me the after the weekend.
(That would be on the 22nd).
I waited all day Monday and on the 23rd I received a full offer and more for the house.
I did not sign anything but I verbally agreed and we had an appraisal
of the property.
The next day the first realtor called and said that I was legally
bound by the counter offer that I signed.
I told her that I waited long enough and that I took the other offer.
After a few choice wards on her part I told her that she left me hanging long enough and I wanted to take the other offer because I hadn't heard from her..

Her attorney says that I am also liable.
Is this true?
Is there any way that I can get out of the contract.

Normally, I would never renege on a contract but this lady turned out to
be a genuine law breaking BITC........
Thanks in advance,
OKRP.

[Dan Auito]

Just from the facts Dave. When you SIGNED the counter offer and they the buyers did not counter any further. That is a valid and ratified agreement, enforceable in court as "Specific Performance" If you can find a glitch in the contract or dates or something that invalidates it then you may have a shot but if the realtor did everything according to proper standards then you will be held to it.

How much more do you stand to make if you try to go for the higher offer? Is it worth a fight?

[OKRICHLAND]

Probibly not worth it Dan,
I'd say around $10,000.
It will be worth a lesson well learned.
Although, this lesson cannot be learned in a class room.
It was a judgement call on my part.
Had I waited a few more days before signing a contract
that I thaught was only a counter offer and not
an actual sales contract (signed and dated), I would probibly have come out
a lot better on this deal.

I'm glad that it wasn't a lesson in bankroupsy like some of the horror
storys that I've heard from some other seasoned investors.

Instead of $20,000
I make $9,000.
Thanks for the reply.
OKRP.

[Aldo]

I replied under your first thread