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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35304
Experience:  16 years real estate, Realtor. Landlord 26 years
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I own residential property in Southport NC. My neighbor

Customer Question

I own residential property in Southport NC. My neighbor passed away and her heirs put on the market the vacant lot next to my home. I was contacted by the broker who I purchased my home with to see if I was interested in purchasing, which I was. He is the team leader for the listing broker. The lot was listed for significantly higher than comparables, so I was advised by my broker to wait, determine what I would pay, and he said his listing broker was under direction to contact him at 'any sign of interest' in the lot so I could decide on an offer. I watched the property for over a year. Saved money for a cash offer. Stayed in contact with my broker periodically. No offers very little interest. Then it came off the market. I inquired of my broker about the status. He investigated and said the owners were going to relist but he did not know yet the cost. The lot relisted a few weeks later for a lower price. I contacted my broker and before he got back to me (he was out of town), the listing broker on his team took an offer from another buyer. Total time about 3-4 days from relisting. The property has been under contract for about two months. Due diligence ended May 19. I was told by my broker that there are some title and deed issues but probably just a technicality. The seller accepted my backup offer, which is much better terms than their current offer. Do I have any legal options since the brokers were both aware of my interest and did not contact me as we agreed? My goal is to close on the property myself.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Do I have any legal options since the brokers were both aware of my interest and did not contact me as we agreed?

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Unfortunately, the broker and agent don't bear any liability here for you not being able to put in an offer prior to the other one getting accepted. Once you became aware that the property had been relisted, the burden is on you to make sure you have an offer put in on the property if you are interested, If you assumed that there would be little interest in it and you had time to wait, then that was a gamble on your part.

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So at this point, your only options are to either wait and see if the current sale falls through or if it doesn't, try to buy it from the current buyer at a profit for them..

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As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 13 years...

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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