Legal Question in Real Estate Law in Virginia

We have a contract on a short sale house and the seller agent says there is a backup offer for the house. There are two banks involved in the sell of this house (a first and second mortgage). The seller can't come up with enough money to satisfy the second and they do not participate in HAFA. The seller agent told our agent that the backup offer will come to the table with more money to help satisfy the second...can they knock us off this contract for the backup offer? We have already paid for inspections and given "good faith" money. We have had a signed contract since the end of July.
It sounds like, to us anyway, that the seller agent is playing two ends against the middle, we were the backup contract to an offer before us...and were told that the other interested buyer walked away from the contract.

Asked on 8/31/11, 9:27 am

Michael Hendrickson Law Office Michael E. Hendrickson

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Would seem to depend upon what your original purchase contract

says in regard to the matter but that if no reference is made to this

so-called "backup offer" and your right to participate as the buyer

in such an offer, then the individual who "will come to the table with more money to help satisfy the second" (mortgage) will likely be the

one who ends up with this property (in my opinion).

Answered on 9/03/11, 7:09 am

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