Buying or Selling a Home/making bids
My wife and I are looking for a retirement home in PA for next year. We got a Real Estate agent. She is nice but only been in the business one year and doesn't seem to know a lot except she insisted we sign a contract with Northwood Agency that she is our only agent. I knew enough to limit her to 3 counties in our area and only for a month.
We must have looked at over 50 homes, most of which were a waste of time, lots of mold. The pictures sure don't tell the whole picture and the agent had not been at any of them before.
We finally found a house and put money down, filled out all the paperwork. The seller counteroffered (orally) and we bid again and they countered and we bid again and they orally accepted. It has been 2 weeks and we don't have a contract. The agent said we were legally responsible and would lose our hand money if we backed out but the seller was under no responsibility and could back out.
Today the agent called and said the house is an estate and the executor son is a lawyer and he wants contract changed from a regular deed to a Fiduciary deed. The agent said she never heard of this before and took it to her boss and they are consulting the agency's attorney.
We are getting discouraged and don't know what to do. We are spending a whole lot more for this house than we originally planned and we are rather stretched. Can you offer any advice?
Hello. Sorry you had a bad experience. In Texas you don't have a contract until a signed contract has been delivered. Sounds as if you need a lawyer also. Your earnest money shouldn't have been used unless you have a binding contract. I would go in and talk to broker asap. You are actually bound to the broker not the agent for those 30 days. You should be able to walk away from that deal. Good luck.