Legal Question in Real Estate Law in Pennsylvania

short sale real estate transaction

My husband and I are buying a ''short sale'' home. We have been under contract with the sellers for a couple weeks, and we are waiting for their bank to contact us for final approval. Today the sellers agent told us that last week they also accepted and signed another agreement of sale on the property. So now there are two buyers under contract for one property. They are claiming that it is legal because of the adendum that says the bank has final approval on the agreements. This doesn't seem legal to me. Can you advise?


Asked on 5/02/08, 12:30 pm

1 Answer from Attorneys
John Davidson Law Office of John A. Davidson

Re: short sale real estate transaction

I would say the sellers have a potential problem. That is what if the bank approves both buyers. In theory you would have first shot at the house since yours was the first offer. The sellers might prefer the second offer if they have gotten a higher price.

In the above situation I would expect the disappointed buyer to at least threaten to sue.

Its legal but I wouldn't want to be the sellers.

If you have any questions feel free to contact me. The initial consultation is free.

{John}

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Answered on 5/02/08, 12:58 pm


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