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I GOT A VERBAL AGREEMENT WITH THE SELLER ON SATURDAY BUT TODAY

I GOT A VERBAL AGREEMENT...
I GOT A VERBAL AGREEMENT WITH THE SELLER ON SATURDAY BUT TODAY (MONDAY) THEY GOT TWO MORE BIDS ON THE HOUSE, I AGREED TO THERE PRICE. NOW I MAY LOSE THE HOUSE,TO I HIGHER BID. IS THIS LEGAL + DO YOU HAVE ANY SUGGESIONS.
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2/1/2011
INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 58,970
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INFOLAWYER :

Hello, I am legal expert at Justanswer and I will be helping you with your question today.

INFOLAWYER :

Legally, real estate contract has to be in writing

INFOLAWYER :

so until you have a written contract

INFOLAWYER :

either side may walk away

INFOLAWYER :

you can ask that the agreement be honored but legally it is not binding

INFOLAWYER :

I am a NJ lawyer

INFOLAWYER :

If you have a follow-up question, please remember that there might be a delay between your follow up question and my answer because I may be helping other customers or taking a break.


 


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Customer :

if i get out bid do they have to tell me by how much

INFOLAWYER :

They do not

INFOLAWYER :

But many will since they prefer you outbid that bid

INFOLAWYER :

they want the highest bid in other words

INFOLAWYER :

so in their interest to keep all bids open and known

INFOLAWYER :

as in an auction

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INFOLAWYER, Attorney
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