Lesson learned...

[Mark Bookhagen]

I thought I'd share this for those of you who are just getting started...

I put a duplex under contract the day after I looked at it because I knew it was a good deal. It was FSBO. All appropriate riders, etc. were attached. We agreed on the price, and I was completely transparent on 100% of the terms/contingencies. The contract was basically ironclad. However, in NYS there is a 3-day atty approval period. During that time, the seller got another offer (a little higher and all cash). They ended up disapproving my contract so they could take the other offer. Legally - "okay." Ethically - questionable at best. It would be nice if people stuck to their agreements, but just know they might not have to in your state.