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Updated almost 5 years ago on . Most recent reply

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Festus Edward
  • Atlanta, GA
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Can a realtor backout from a signed accepted offer contract?

Festus Edward
  • Atlanta, GA
Posted

I recently sent a Letter of Intent to purchase a property with offering price, through the listing agent's associate(she's also a realtor with Keller Williams) and the LOI was accepted the next day. A day after, I signed the Standard Georgia Contract provided by the Association of Realtors online with a clause stating that the closing attorney is required to counter sign in less than 3 days and the buyer(My partner & I) will wire the earnest money deposit. I didn't hear from both agent and closing attorney from Monday-Wednesday. After 3 calls and 2 emails to the agent, she sends me " The listing agent went with another offer they received. Sorry" ,

Obviously, this is unethical but do I have any legal recourse ? Advice from well experienced professionals in the industry will be appreciated. Thank you

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Festus Edward No......as mentioned, LOI's are not binding, why did you even use one instead of the regular contract? And why would the heck would the closing attorney be "countersigning" a contract....they have nothing to do with the contract and it's a bit absurd.

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