The buyer’s agent submits an offer to the seller’s agent. Perhaps the form they have filled out says at the top MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 4.0. It is signed by the buyer and is accompanied by a photocopy of the earnest money check. After some back and forth they agree upon a price, the contract is modified, and now the seller signs the contract late on a Friday night and the buyer’s agent goes away for the weekend. Early Saturday morning the seller receives a better offer and takes it. It’s totally legal and the seller has no obligation to the first buyer.
How is this possible? What went wrong? Well, I’d rather not help the competition to get it right so I’m not saying. However, if you want to know you can email me at glucido@lucidrealty.com.