Contract extensions after expiration--what is legal/ethical

[Todd Riner]

I recently found a property I was interested in and upon further research revealed it was under contract until 30 Nov 2017 (per listing agent) The property could not be shown until that contract expired. On 1 Dec, the listing agent contacted my agent to inform us the property was back on the market due to financing issues. I immediately set up an appointment to view the property and made an offer several days later (7 Dec). When my agent attempted to submit the offer, it was realized the listing agent did not release the property in the MLS. The listing agent informed my agent she allowed the previous buyer an additional week to acquire alternate financing; she would know something the following day (8 Dec). The following day I was notified the previous buyer acquired alternate financing and the listing agent was proceeding with them.

Questions:  

1.  Is this legal without the seller signing/accepting a new contract or addendum stating the new deadline?

2. What recourse (if any) do I have to pursue this?

[Brie Schmidt]

The buyer and seller can agree to extend it as long as they want.  I have a deal that has been under contract since May and we are extending it till February, all parties agreed to it. 

You have no recourse, you made an offer but it was never accepted.