Today I met a seller and negotiated a great deal. We signed the purchase agreement in the kitchen before I left. He had mentioned that he had scheduled a few appointments in the afternoon, but I assumed he would cancel them since we had a signed agreement. I hadn't had time to get to my scanner yet when he called and told me he signed a contract for $6,000 more with another buyer. I could probably raise a stink and hold up their deal, but I'd rather keep my reputation with that investor than make the money. I hadn't quite decided if I was going to keep the property as a rental or wholesale the deal off, but I guess I don't have to think about that any longer.
Lesson learned - always have a time next to the date for possible proof of having the first contract... and, get it to the title company as quickly as possible (although 4 hours isn't that long haha).
dang. sorry to hear that. but thanks for sharing. mistakes are typically the best ways to learn...
A time wouldn't really matter, since the other one wouldn't have one. Recording something in the courthouse is the only thing that creates any "notice" or semblance of protection.
Wayne, you're right, but I could probably at least have a leg up on asking the other buyer to back off or get the title company to work with me.
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