Legal Question in Real Estate Law in Virginia

Friday we submitted an offer on a short sale home. We were told by our agent that the selling agent informed her that she only had one other offer and that the seller's had decided to go with our offer. OUr agent told us our offer was accepted and they were submitting it to the bank. 4 days later our agent gets an email at 10:00 p.m. satating they had a better offer with more earnest money and down payment and so they are going with it and wanted us to be a back up. What happened and what can we do from here. I am confused because I thought if our offer was accepted and submitted they wouldn't be taking any other offers.


Asked on 7/27/10, 12:19 pm

1 Answer from Attorneys

Based on the informaiton provided, you would want to first confirm the nature of the "acceptance" cited by your agent. If there truly was an acceptance (e.g. an executed contract) then you should take your signed contract to an attorney ASAP. If your agent merely thought there had been an acceptance and was wrong, there is little you can do, unless you took action based on his/her representations and incurred damages, other than ask your agent to be more careful in her representations to you.

Short sales are notoriously hard to complete, because you must satisfy both the seller and the bank. Keep at it. Good luck.

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Answered on 7/28/10, 5:52 pm


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