Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates)

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Rainmaker
2,982,593
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill 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
3,767,046
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - 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
1,026,502
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
2,803,631
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

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
823,788
Jennifer Mackay
Counts Real Estate Group, Inc. - 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
Ambassador
4,066,605
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I am sure it will depend on the contract.

Jul 14, 2017 09:01 PM
Rainmaker
2,904,839
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
984,748
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
1,508,764
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL 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
3,173,507
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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
524,584
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
3,049,971
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ 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.iCharlotteHomes.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
Ambassador
3,981,968
Debbie Reynolds
Platinum Properties - 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
2,345,139
Fred Griffin presently on Leave of Absence
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
4,323,191
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wayen and Jean,

I agree with Nina Hollander 

Jul 14, 2017 03:17 PM
Rainmaker
526,069
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
Ambassador
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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
1,213,009
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
3,076,184
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
223,093
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

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
1,000,297
Corinne Guest
Corinne Guest, REALTOR® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

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
3,919,037
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

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
3,077,138
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, 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
384,165
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
5,272,020
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow the terms of the contracts. 

Jul 14, 2017 08:34 AM
Rainmaker
4,877,762
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

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

Jul 14, 2017 08:30 AM
Rainmaker
2,765,939
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

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
912,612
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success 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
4,796,557
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
2,426,599
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
4,298,316
Praful Thakkar
LAER Realty Partners - 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
3,977,733
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
1,367,627
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
985,899
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
4,432,093
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
1,613,518
Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

ask the broker

Jul 19, 2017 06:57 AM
Rainmaker
535,514
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
1,523,566
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
1,478,656
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas 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
1,523,697
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

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

Jul 15, 2017 07:26 AM
Rainmaker
1,818,076
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist
  • It depends
Jul 14, 2017 04:38 PM