Legal Question in Real Estate Law in New York

verbal agreement about price of house from broker to my realter to me

the house i want is being sold "as is". we bid 190,000. the owners broker told my realter that the owner said yes to the bid of 190,000 with heat not working or 194,000 and they fix the heat..i got my pre approved morgage over to them a day later than i expected and found out the owner had a bid from someone else for 210,000 (the asking price).now we had to bid 212,000. we won it. my question is.....wasnt the verbel agreement from there broker called a meeting of the minds? and somehow isnt this illegal that they excepted our bid first then 3 days later go back on there word?im frusterated. the house is going to cost 22,000 more. is there any way legally to make them sell the house to us at the bid price they first verbally agreed on with us? there broker lied to our realter and us. i feel conned in a way. what is a "meeting of the minds" in real estate talk? hopefully someone can help me.....


Asked on 7/22/00, 11:07 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: verbal agreement about price of house from broker to my realter to me

Unfortunately, unless there was a final contract, approved by the parties' attorneys (attorney review period)you had no binding agreement. Therefor, the seller was free to continue to offer the house for sale. I might note that even during the attorney review period (after a contract is signed), it can be terminated for no reason. Thus, until after attorney review is completed, there is usually no binding contract. You are dealing with a moral, not a legal, question when the price negotiations continue until there is a binding contract. Sorry for the bad news.

Walter

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Answered on 9/13/00, 10:43 am


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