How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7312
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Type Your Real Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

I put an offer in on a restaurant with some owner financing.

Customer Question

I put an offer in on a restaurant with some owner financing. The restaurant had been on the market for 60 days. The day I put the offer in, the sellers broker said that another offer was received and they went with it.
On Tuesday 3/21, my broker had called and said the other deal fell through and it was available again. So, Thursday 3/24 I put a full price offer in with no financing. 2 hours had past and my broker stated the other broker called and told him that an offer was put in BEFORE she called him and they accepted and would close in 7 days.
I don't believe that there was or is another offer therefore, is there anyway to compel them to prove that there is an offer? This whole thing just sounds funny with all the details and I'm thinking the seller has just changed their mind about selling
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

I believe the seller, and here's the reason: When you put in a full price offer without financing contingencies the seller could pull it off the market; however the listing agreement usually provides that Seller would have incurred a sales commission at that point. Therefore, it makes sense that another offer was in fact accepted even though the timing of both of the offers in conjunction with yours makes it look suspicious . I hope that this information has been helpful and that you will enter a positive rating for my efforts.

Related Real Estate Law Questions