Expert: Karyn Foley - 11/30/2007

Question
We made an offer on Nov 18th expecting an answer on the 19th.  It never came.  As it turns out the realtor was out of the country.  After a week our agent was finally able to talk to the Broker of the sellers agent, then the agent and finally the seller.  We received a counter offer on the evening of the 27th, accepted the offer the morning of the 28th and the seller accepted it.  On the evening of the 29th our agent called there is another counter out there that may have been issued before ours, but it was not agreed to as of yet. Our agent seems to think that the other offer is more valid than our and we might lose our right to the house even with a signed contract, but it seems logical to me that our contract was accepted and should be binding since the seller accepted it.  After all we've lost houses during the countering process, what would make this one different?

Answer
Dear Vera:
 This is confusing to me as I have no copies of any of the documents. FYI, your agent is called either the Selling Agent or Buyer's Agent, and the agent for the seller is called the Listing Agent.
 All of the paperwork, offers, counter offers, et cetera,need to have signatures of ALL parties, dates, times, all of which should all also have dates and time that they expire.
 If you have signed acceptance that is dated and signed by ALL parties, then you may have a valid transaction.  
 You should contact your agent's office manager or office owner and discuss this in detail with all the paperwork in hand.  You should not have to lost another house.  Sincde this is the third possible loss, then I would question whether or not you were dealing with an agent who watched out for you with all valid documents.  Perhaps she is doing things by telephone, or offers without proper dates and/or signatures, all of which contribute to confusion and possible problems.
 If you truly have the paperwork in order and cannot get answers, then consult with a real estate attorney.  It may cost you a few dollars to put things straight, but it will be worth it.
 The listing agent (representing seller) should also be held accountable for making a mess.  If there had been a valid, written offer from another party, then your counter offer from the seller should have been explicit with the wording that the seller has made another counter offer to another party, and that acceptance of the seller will be the seller's signature on your following counter offer.  Thus, if you signed the seller's counter offer, accepting the new terms/price, then the seller had then to do that counter offer after you.  That would have precluded the seller being put in a terrible position of perhaps accepting two offers.
 Now, if two offers were accepted, then your attorney will really have a job to do.  Not only will the seller have two buyers, but the seller may end up owing two commission - to each of the buyer's agents!!
 When you sit down and work this out, you are entitled to proof of another counter offer.  You do not need to see the price and terms, but you do want to see if the seller has accepted that offer or gave a counter offer also.
 Many times multiple offers come in.  The seller has a choice whether to address one offer at a time and see if a deal can be made.  The other option would be to counter the other offer or offers as well.  But, and this is important, it must be stated on all of the counter offers that the seller has made more than one counter offer and final acceptance is that signature of the seller once the buyers have received, agreed to, and signed the seller's last counter.
 The above scenario involves three signatures:  Counter offer signed by the seller to buyer; signature of buyer on seller's counter offer; final signature of seller on buyer's signed counter.
Please let me know what happens.  I hate to see agents handling real estate who cannot keep the paperwork legit.  Good luck to you!
Karyn Foley