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verbal home price binding?

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38ac

Junior Member
What is the name of your state (only U.S. law)? Ohio
Hopefully enough info here.

I made a written offer on a home listed with a Realtor who is the listing broker. My offer was rejected and a lowered price was offered to me. I asked the realtor if i needed to come in to counter and she said no, verbal is good for now. I counter offered, the the owner countered me and I accepted their counter offer. Realtor told me to come in next day and get offer in writing so seller could sign. Next morning I get a call, We have a problem. Seems Property was also listed and/or offered by agents of other realtors, since the listing agent (my agent) did not have a written contract they must (so I was told) allow others to show the property. Other agent shows property and client wants to make offer. I am told seller can accept the highest offer, best offer, or can say make best and last offer. I asked what happened to our agreement? Answer is it was verbal and thus non-binding.

Question is do I have a leg to stand on legally if they chose to sell the property to the other buyer?

Thank you!
 


FlyingRon

Senior Member
Nope, nothing verbal is binding in real estate purchases. The statute of frauds requires such contracts to be in writing.
Until you have a contract signed by both parties, either party is free to retract their offer. What you were told is 100% correct. The seller can accept any of the non-rescinded offers or he can reject them all and have people make new offers (or he can make a counter offer himself).
 

38ac

Junior Member
Thank you, that is what I was afraid of.
I understand that a seller cannot be forced to sell to anyone. I guess my problem is more with the realtor than the seller.
 

FlyingRon

Senior Member
Thank you, that is what I was afraid of.
I understand that a seller cannot be forced to sell to anyone. I guess my problem is more with the realtor than the seller.
The realtor represents the seller. They have no obligation to you and again, they can recommend to the seller to decline your written offer regardless of what verbal representations may have been made.
 

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