What is the name of your state? Washington DC
On 9/27/2005, I, CL, buyer's agent, submitted an offer on behalf of my clients to purchase the property located at COOL St. NW, Washington DC. The offer was submitted via fax at 9:45am to listing agent AY
Upon receipt of the offer, the listing agent followed up with a phone call confirming that she indeed received our offer and will immediately present it to her clients.
The property was listed for $629,900. My client’s offer was submitting for $600,000. There were no contingencies and settlement was to occur within thirty days.
Several hours later, Ms. Y called to discuss the offer. She was able to get in touch with both sellers (with one in Florida on vacation), and all agreed to a counteroffer at $620,000. After consulting my buyers about the counter price, we also agreed to counter back at $615,000. Ms. Y again was able to get in touch with her clients and responded back with another counter offer at $618,000. After consulting with my buyers again, they agreed to accept the sellers’ counter offer of $618,000.
I immediately called Ms. Y to inform her that my buyers have agreed to accept her seller’s counter offer of $618,000. Ms. Y contacted her clients to inform them that the buyers have agreed to accept the counter offer of $618,000. With all parties agreeing to the final contract price, we proceeded to ratify the contract.
At this time, Ms. Y informed me that one of her sellers is in Florida on vacation and that getting in touch with both parties to finalize the contract may take some time. On the evening of 9/27/2005, Ms. Y called to inform me that she was unable to get in touch with her client in Florida and that she will have them sign off on the changes the next day.
The next day 9/28/2005, Ms. Y informed me that power of attorney would be assigned to one of the sellers since the other owner was on vacation. Ms. Y confirmed that we would treat the contract as if it was a ratified contract and to move forward with the necessary paperwork with respect to lending and delivery of the condominium documents.
Later that afternoon, Ms. Y personally hand delivered the condominium documents to my buyers’ home and left it at the front reception desk for my clients to pick up that evening. Along with the condo docs was a notice of receipt, with specific instructions to sign, date and fax back to Ms. Y indicating the purchasers have received the documents. I informed my clients to accept and read the condominium documents. The next day, 9/29/2005 at 12:57pm, the purchasers faxed the acknowledgment of receipt of condominium documents to Ms. Y.
At 3:22pm the same day, Ms. Y faxed the accepted contract for final initials from the purchasers indicating changes to the contract price and a cover letter note to date the ratification line. All necessary signatures from the sellers were included on this contract. At 8:42pm, Ms. Y sent me another fax with a “Notice of Withdrawal of Counter-offer from Sellers” rescinding their offer, which was at this time was a ratified contract. No phone calls where made that evening from the sellers’ agent to inform me of her last minute decisions.
Early morning the next day, Ms. Y called me to inform me that they will not be accepting our contract because they had just received another one at a higher price. I informed Ms. Y that we have a ratified contract with acceptance from all parties and that constitutes a legal and binding contract. Also, my clients have already signed the contract, thus making it written, ratified and enforceable. After more debate about the issue at hand, Ms. Y placed another gentleman, the Principle Broker, on the phone. He confirmed and supported the dealings of Ms. Y. I informed both agents that my purchasers have a legal and binding contract with the sellers and that I will proceed forward by faxing back the ratified contract with my buyers’ initials to their office. Ms. Y reiterated that the other offer has already been accepted and that she had fax the withdrawal of the counter offer before the ratified contract was receive. Therefore, we have no choice but to accept it and that there was nothing more that she could do.
I informed Ms. Y that the contract she fax to me for my buyers signature and ratification was not a counter offer and indeed a ratified contract. I educated Ms. Y that the counter offer was negotiated over the phone and very party agreed to the contract price of $618,000. Therefore, the withdrawal of the counter offer is not valid because we are no longer in negotiation. We have a valid, legal and binding verbal ratified contract.
PLEASE HELP!!!! I NEED TO KNOW IF I HAVE A CASE TO TAKE TO THE BOARD OF REAL ESTATE AND WIN!!!!!
This has resulted in a loss of a home for my clients and they have suffered extensive suffering.
I am a very moral and ethical person and I feel that I have been treated unprofessionally and unethically by another agent who is in it for just the money and nothing else. There have been many times that a higher offer would come in later, but you have to do what is morally right and obey by the law and the rules of real estate contract laws.
Bottom line- was it a counter offer or a accepted ratified contract???
Thanks for any insight. I am just so devastated!!!
On 9/27/2005, I, CL, buyer's agent, submitted an offer on behalf of my clients to purchase the property located at COOL St. NW, Washington DC. The offer was submitted via fax at 9:45am to listing agent AY
Upon receipt of the offer, the listing agent followed up with a phone call confirming that she indeed received our offer and will immediately present it to her clients.
The property was listed for $629,900. My client’s offer was submitting for $600,000. There were no contingencies and settlement was to occur within thirty days.
Several hours later, Ms. Y called to discuss the offer. She was able to get in touch with both sellers (with one in Florida on vacation), and all agreed to a counteroffer at $620,000. After consulting my buyers about the counter price, we also agreed to counter back at $615,000. Ms. Y again was able to get in touch with her clients and responded back with another counter offer at $618,000. After consulting with my buyers again, they agreed to accept the sellers’ counter offer of $618,000.
I immediately called Ms. Y to inform her that my buyers have agreed to accept her seller’s counter offer of $618,000. Ms. Y contacted her clients to inform them that the buyers have agreed to accept the counter offer of $618,000. With all parties agreeing to the final contract price, we proceeded to ratify the contract.
At this time, Ms. Y informed me that one of her sellers is in Florida on vacation and that getting in touch with both parties to finalize the contract may take some time. On the evening of 9/27/2005, Ms. Y called to inform me that she was unable to get in touch with her client in Florida and that she will have them sign off on the changes the next day.
The next day 9/28/2005, Ms. Y informed me that power of attorney would be assigned to one of the sellers since the other owner was on vacation. Ms. Y confirmed that we would treat the contract as if it was a ratified contract and to move forward with the necessary paperwork with respect to lending and delivery of the condominium documents.
Later that afternoon, Ms. Y personally hand delivered the condominium documents to my buyers’ home and left it at the front reception desk for my clients to pick up that evening. Along with the condo docs was a notice of receipt, with specific instructions to sign, date and fax back to Ms. Y indicating the purchasers have received the documents. I informed my clients to accept and read the condominium documents. The next day, 9/29/2005 at 12:57pm, the purchasers faxed the acknowledgment of receipt of condominium documents to Ms. Y.
At 3:22pm the same day, Ms. Y faxed the accepted contract for final initials from the purchasers indicating changes to the contract price and a cover letter note to date the ratification line. All necessary signatures from the sellers were included on this contract. At 8:42pm, Ms. Y sent me another fax with a “Notice of Withdrawal of Counter-offer from Sellers” rescinding their offer, which was at this time was a ratified contract. No phone calls where made that evening from the sellers’ agent to inform me of her last minute decisions.
Early morning the next day, Ms. Y called me to inform me that they will not be accepting our contract because they had just received another one at a higher price. I informed Ms. Y that we have a ratified contract with acceptance from all parties and that constitutes a legal and binding contract. Also, my clients have already signed the contract, thus making it written, ratified and enforceable. After more debate about the issue at hand, Ms. Y placed another gentleman, the Principle Broker, on the phone. He confirmed and supported the dealings of Ms. Y. I informed both agents that my purchasers have a legal and binding contract with the sellers and that I will proceed forward by faxing back the ratified contract with my buyers’ initials to their office. Ms. Y reiterated that the other offer has already been accepted and that she had fax the withdrawal of the counter offer before the ratified contract was receive. Therefore, we have no choice but to accept it and that there was nothing more that she could do.
I informed Ms. Y that the contract she fax to me for my buyers signature and ratification was not a counter offer and indeed a ratified contract. I educated Ms. Y that the counter offer was negotiated over the phone and very party agreed to the contract price of $618,000. Therefore, the withdrawal of the counter offer is not valid because we are no longer in negotiation. We have a valid, legal and binding verbal ratified contract.
PLEASE HELP!!!! I NEED TO KNOW IF I HAVE A CASE TO TAKE TO THE BOARD OF REAL ESTATE AND WIN!!!!!
This has resulted in a loss of a home for my clients and they have suffered extensive suffering.
I am a very moral and ethical person and I feel that I have been treated unprofessionally and unethically by another agent who is in it for just the money and nothing else. There have been many times that a higher offer would come in later, but you have to do what is morally right and obey by the law and the rules of real estate contract laws.
Bottom line- was it a counter offer or a accepted ratified contract???
Thanks for any insight. I am just so devastated!!!
