multiple offers...HELP!!

New Jersey

Ok, here is my situation. I wasn't looking to purchase a home when this fell into my lap.

To make a really long story short...I submitted my offer for the property, they counter offered. I accepted.

Contracts were drawn up. On Sunday Jan. 26th, I went to the Real Estate office to sign them. Also at this time is when I submitted my $1000.00 good faith deposit/gift funds.

I received a call yesterday from my agent that another offer had been made sometime over the weekend. This is where it gets strange (to me, anyway)

The other prospective buyer offered more than the actual asking price. I was told that they have 20% ready to put down and conventional financing available. I had to go with FHA because I am cash poor at the moment, but nonetheless, I had not problems becoming approved for the mortgage.

I told my agent that I would gladly purchase the home for what the other buyers had offered, as it is priced very well to begin with. Now I am just waiting to hear word from her as to whether or not the sellers agent is going to throw me out of deal and go with the other buyer.

This all seems strange to me, but allow me to admit my ignorance to the world of real-estate ethics. If anyone could give me some solid input on this issue, it would be greatly appreciated.

Thanks for listening (reading) )

[HomeGuru]

[quote]Originally posted by tommyd
[b]New Jersey

Ok, here is my situation. I wasn't looking to purchase a home when this fell into my lap.

To make a really long story short...I submitted my offer for the property, they counter offered. I accepted.

Contracts were drawn up. On Sunday Jan. 26th, I went to the Real Estate office to sign them. Also at this time is when I submitted my $1000.00 good faith deposit/gift funds.

I received a call yesterday from my agent that another offer had been made sometime over the weekend. This is where it gets strange (to me, anyway)

The other prospective buyer offered more than the actual asking price. I was told that they have 20% ready to put down and conventional financing available. I had to go with FHA because I am cash poor at the moment, but nonetheless, I had not problems becoming approved for the mortgage.

I told my agent that I would gladly purchase the home for what the other buyers had offered, as it is priced very well to begin with. Now I am just waiting to hear word from her as to whether or not the sellers agent is going to throw me out of deal and go with the other buyer.

This all seems strange to me, but allow me to admit my ignorance to the world of real-estate ethics. If anyone could give me some solid input on this issue, it would be greatly appreciated.

Thanks for listening (reading) )

**A: what exactly is your question?

I know, I didn't exactly ask one. What I was looking for is opinions from other people of what the possible outcome could be.

The sellers have already accepted my offer, I don't see how after drawing up contracts and going through all the motions, the agent would allow the property to even be seen. Is this a common business practice in the state of N.J.?

This was my silver lining in the cloud, my one big chance to finally get ahead in my life, and I see it coming crashing down around me. This is driving me absolutely crazy, and after this is all said and done, no matter the outcome, I am swearing off real estate transactions for a very long time.

[HomeGuru]

[quote]Originally posted by tommyd
[b]I know, I didn't exactly ask one. What I was looking for is opinions from other people of what the possible outcome could be.

**A: there are only 3 main possible outcomes:
1. you buy the property.
2. you don't buy the property.
3. there is a dispute.
******

The sellers have already accepted my offer, I don't see how after drawing up contracts and going through all the motions, the agent would allow the property to even be seen. Is this a common business practice in the state of N.J.?

**A: if there is a fully accepted and acknowledged contract, then the Seller cannot sell the property to anyone else unless you default or the second contract states that this offer is a back-up offer.
********

This was my silver lining in the cloud, my one big chance to finally get ahead in my life, and I see it coming crashing down around me. This is driving me absolutely crazy, and after this is all said and done, no matter the outcome, I am swearing off real estate transactions for a very long time.

**A: have an attorney review your contract, you cannot depend on your agent.