Release of previous verbal agreement/offer

[junitune]

What is the name of your state? Ohio

Last Monday I made an offer on a house that my broker told me had a 'verbal offer' pending. They were still showing the house however, and my offer was accepted by the buyers with a clause in it that said "subject to obtaining a signature from other prospective buyer releasing the verbal offer'. It is my understanding there was nothing in writing at all. Other buyer had been playing games, changing her mind several times, etc. Her broker had told seller's broker that she had written two offers that were never submitted and was working on a third offer (that had not been submitted).

I offered the full selling price and have applied for the mortgage. I am not willing to schedule an inspection yet because the contingency clause hasn't been released. My broker says he doesn't understand why that clause was even put in and since nothing from the other buyer was in writing he says I shouldn't worry. He talked to seller's agent and the seller's agent said the other buyer had given her broker earnest money and therefore needed a signature to release the offer.

This all makes no sense to me and I don't know whether or not to worry. How could the seller accept my offer if there was another offer on the table? If the other verbal offer constituted a legal offer, wouldn't there be some sort of expiration on it? It's been 6 days and I haven't heard a thing. I know I could threaten to walk out on the offer but I really want this house! Under what conditions could this seller back out of his acceptance? It is my understanding he is really fed up with the other buyer and wants to sell to me. The house was on the market since August and the price had been lowered 4 times.

Can a buyer who made a verbal offer really screw this deal up for all of us?

[JETX]

Originally Posted by junitune

Can a buyer who made a verbal offer really screw this deal up for all of us?

Yes.... and no.
A verbal offer to sell or buy real property is not a valid contract by state law (Statute of Frauds).
However, in order to eliminate this possible pesky situation, why not just get a written confirmation of the acceptance of your offer.... and release of the verbal issue??