Legal Question in Real Estate Law in Hawaii
Is there any legal rights to ''First come first serve'' in Real Estate?
I was told by my agent that the Real estate lot that I wanted was still available, I offered full price, signed escrow papers,I called him a week later and was told that the lot was sold to someone else and that I was the backup buyer if the sale didn't go through. This is not fair. This is the second time that this has happened. The first time he told me that someone bought it for full price in cash. I would offer more but he said it was sold. Isn't the seller supposed to ask me for more money? I am willing to pay more, but he said its ''Sold''. I do not get it. Is there any legal action that I can take?
2 Answers from Attorneys
Re: Is there any legal rights to ''First come first serve'' in Real Estate?
No first come first served in real estate. It's best offer, best terms. They have the right to accept the best offer, even if yours was first and the other is the same (or even lower).
Obviously, you don't want to give them 2 weeks to make a decision, but they can wait up to the response time of your offer.
Re: Is there any legal rights to ''First come first serve'' in Real Estate?
You may have a case against the Broker for loss of profits based upon breach of fiduciary duty. Everything depends on any writings that will prove you case. Please contact my office at 714 363 0220 to set up an appointment. I would like to review your written documentation including any letters. We handle cases throughout California. We can review your documentation by fax and speak with you by phone. Most likely, a lawsuit may be necessary to obtain copies of your proof through discovery.
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