Legal Question in Real Estate Law in New Jersey
Accepting a lower offer
I made an offer and signed a contract on a home for the asking price on Tue. 8/3/99. On Sat. 8/7/99 someone else made a lower offer on the home and that offer was accepted. Is that legal?
1 Answer from Attorneys
Re: Accepting a lower offer
Your signature on the Contract is still only an "offer" and is not accepted until the Seller signs the Contract. The Seller is free to accept any other offer until the Contract is signed. As strange as this seems, perhaps the person who bid lower was a better credit risk, or perhaps a "cash" buyer as opposed to one who needed to apply for a mortgage, making their offer better than yours. I am just guessing here; however, there are any number of reasons why the other Buyer was chosen. In any case, if you believe that there are other factors here that have not been considered, I would
suggest that you immediately consult with an attorney to protect your rights. If you want to speak with me, feel free to call me at 609-546-8010. Good Luck!
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