Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Hallmark Realtors)

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Rainmaker
1,844,724
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

That's not how it works here in NC. No attorney review. Agents write the offers and buyers and sellers ratify. What happens if both sellers sign off? Buyer could lose due diligence monies for pulling out.

Jul 14, 2017 08:29 AM
Rainmaker
3,017,111
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Wow..not how it works here!! Any buyer making an offer on two homes at the same time is not getting good advice from their buyer's agent.

Jul 14, 2017 07:11 PM
Rainmaker
235,767
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I hope they can afford to buy two homes.

Jul 14, 2017 06:08 PM
Ambassador
2,411,307
Anna Banana Kruchten, CRS
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

It works differently in every state I assume.  Here in AZ if a buyer makes a offer on more than one home and can't qualify to purchase both that is fraud unless it's disclosed. What seller wants to find out after the fact that the buyer is messing around with others? I would want to know so that I could either accept the offer knowing the situation or walk away.

Jul 14, 2017 09:53 AM
Rainmaker
626,402
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Not how it works here - if a buyer puts in 2 offers and both are accepted, that buyer better be prepared to purchase both proprties or suffer the consequences

Jul 14, 2017 09:45 AM
Rainer
207,728
Kenneth J. Jones, Director
Institute of Real Estate Technologies - Newark, NJ
ASA, SRES, SCGREA

Wayne and Jean Marie Zuhl In New Jersey, as you know, there's a 3-day Attorney Review period which can (and, commonly is) extended.

If, at ANY TIME during that Attorney Review period either party wishes to cancel the contract, they only have to instruct their lawyer to send a letter to the other party's attorney saying, "I disapprove this contract and my client shall not be proceeding with this transaction," all good faith deposit monies are fully refunded, and that's the end of the deal.

Consequently, if a buyer makes multiple offers and decided to cancel one or all of those offers during the Attorney Review period, they may do so without any penalty whatsoever merely by having their lawyer disapproving the contract.

HOWEVER - once the attorney review period has passed and the buyer and seller have proceeded into the performance of the contract, neither party may cancel unless they do so in compliance with the provisions of that contract.

Jul 14, 2017 08:12 AM
Ambassador
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Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671

I am sure it will depend on the contract.

Jul 14, 2017 09:01 PM
Rainmaker
2,071,472
Richard Weeks
Dallas, TX
REALTOR®, Broker

I'm not familiar with your contract so can not answer.  In Texas the buyer can negotiate for an option period.  They pay x number of dollars for y number of days to terminate the contract for any or no reason.  If they terminate within the y number of days they will lose the x dollars they paid but they will be entitled to any earnest money they may have deposited.

Jul 14, 2017 08:29 AM
Rainmaker
781,260
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I can't support that action unless the Buyer can afford both. For a Seller every effort will be made to retain it.

Jul 14, 2017 08:20 AM
Rainmaker
1,236,708
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

In my state yes. But then I've had attorneys say that they cannot 'kill' a deal in attorneys review. 

I'd confront that buyer. Why'd that agent let her buy 2 houses?

Jul 14, 2017 08:18 AM
Rainmaker
2,142,268
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

The buyer had poor advice here. If they have two accepted offers, they are on the hook for both subject to the inspection language as a possible out! Earnest Money refund in question!

Jul 14, 2017 08:10 AM
Rainmaker
308,439
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

I've seen buyers walk at all stages of the process & I can honestly say I have never seen a buyer lose a deposit. 

Jul 15, 2017 06:10 AM
Rainmaker
2,295,014
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Depends on the terms of the contract

Jul 15, 2017 04:55 AM
Ambassador
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Perhaps the buyer is planning to purchase both?

Jul 14, 2017 10:45 PM
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I don't know how an attorney review would work and how the small print of the contract allows for that. I suggest pulling the contract out and reading every word. It may be the buyer could be obligated for 2 houses.

Jul 14, 2017 06:17 PM
Ambassador
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

What Jennifer Mackay said.  That Buyer had better have deep pockets; they may have to buy both houses.

Jul 14, 2017 03:18 PM
Rainmaker
3,148,457
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Wayen and Jean,

I agree with Nina Hollander 

Jul 14, 2017 03:17 PM
Rainmaker
423,897
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

I would read the contract...in detail.

Eve

Jul 14, 2017 03:06 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

if you are talking EM then it's what the contract says.  In GA if they are still in the negotiated due diligence days (also a negotiated number) then they can withdraw and get their EMD back.

Jul 14, 2017 02:17 PM
Rainmaker
870,595
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The contract is very specific about when a buyer can get their deposit back, out here at least.  I doubt your seller will be able to keep any of the money.

Jul 14, 2017 01:45 PM
Rainmaker
2,138,678
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

They should not!

Jul 14, 2017 12:20 PM
Rainer
142,476
Caroline Gerardo
Eagle Home Mortgage, LENNAR HOMES Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady

How many days are they into both transactions? They are past the attorney revew on sale #1 and kept marching forward? Seems like if more then a week passed and they made second offer and are now at contingenciessay day 17 they owe seller #1 for the days off market HOWEVER I don't know New Jersey law and I'm not an attorney. Other thing-- How did lender handle this? Typically lender might not run both as live transactions and buyer would pay for 2 appraisals 2 inspections. Seems not well planned

Jul 14, 2017 12:11 PM
Rainmaker
829,062
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Choice of Professionals

Have her be ready to file for default! At worst the costs involved, at best the whole damn lot! Buyer certainly cannot expect earnest funds back! Is buyer using same attorney? That might blow my mind!!

Jul 14, 2017 11:23 AM
Ambassador
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

No attorney review here but my guess it depends on what a contract says. Seems to me if they do not pull out within the appropriate time fram and provisions of the contract then their deposit is at risk.

Jul 14, 2017 09:44 AM
Ambassador
2,762,027
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

No idea.  But a very wise Broker told us a long time ago, any buyer getting into two contracts to purchase real estate better be ready, willing and able to buy BOTH.

Jul 14, 2017 09:09 AM
Rainmaker
158,389
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

In Oregon we don't deal with attorneys.  Perhaps the buyer is purchasing two properties? Or looking to back out on the first property. In our state, there are a number of "outs" templated into the contract for the buyer. Nothing illegal about using these.

Jul 14, 2017 08:53 AM
Rainmaker
3,953,554
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Follow the terms of the contracts. 

Jul 14, 2017 08:34 AM
Rainmaker
3,678,730
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

I'd say the attorneys could fight over that one!!

Jul 14, 2017 08:30 AM
Rainmaker
2,319,090
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

It all boils down to what the contract says.  In my state, CA buyers can release and get their deposit returned prior to removing contingencies.  Ditto Ryan Huggins - Thousand Oaks, CA comment.

Jul 15, 2017 09:30 AM
Rainmaker
612,848
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

That seems like fraud unless they intend to purchase both. I'd hold them to the contract terms, hold their EMD in escrow (don't sign the release) and seek the advice of my local real estate attorney on how to proceed. You can cancel for any reason in CA during contingencies, but not sure how it works where you run your business.

Jul 15, 2017 07:03 AM
Rainmaker
3,642,963
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Your laws are different than here in Florida, so I don't know.

Jul 15, 2017 05:51 AM
Rainmaker
2,118,682
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There are two dynamics in Real Estate at work all the time: 1. negotiations and 2. silent threat of litigation. The one you feed goes to work more

Jul 15, 2017 05:34 AM
Ambassador
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Wayne and Jean Marie Zuhl - in MA, there are contingencies and the deposit is minimal until the purchase and sale agreement is signed.

Jul 14, 2017 11:06 PM
Rainmaker
3,107,337
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Depends on how the contract is written, but not likely

Jul 14, 2017 07:33 PM
Rainmaker
1,225,860
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Wayne and Jean Marie Zuhl They must be writing something in their offers to let them out of the contract easily. Otherwise they could end up owning two homes. If they do get out of an offer and with seller approval, they are entitled to their EMD back.

Jul 14, 2017 09:28 AM
Rainmaker
717,817
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

I wish they will submit one at a time.

Jul 14, 2017 08:29 AM
Rainmaker
3,478,143
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Legal question.

Jul 14, 2017 08:28 AM
Ambassador
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Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

ask the broker

Jul 19, 2017 06:57 AM
Rainmaker
435,590
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

Consult an Attorney or your local board or your local board's Attorney.

Jul 18, 2017 04:43 PM
Rainmaker
1,306,204
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

It doens't work like that in Virginia.

Jul 15, 2017 06:22 PM
Rainmaker
1,098,764
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

We do not have attorneys involved in our state, so some buyers, especially investors submit multiple offers for different properties. 

Jul 15, 2017 07:55 AM
Rainmaker
1,277,112
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

The contract terms and related addend apply. No assumptions allowed.

Jul 15, 2017 07:26 AM
Rainmaker
1,496,808
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist
  • It depends
Jul 14, 2017 04:38 PM