VA foreclosure

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VA foreclosure

My wife and I had put an offer in on a home that was a VA foreclosure. They
countered and we countered back. When we countered back the listing agent
informed us that there was now a multiple offer situation? Is this legal/ethical
for the listing agent to do this? If not, do we have any recourse?

Asked on October 21, 2017 under Real Estate Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

It is legal: the listing agent's obligation is not to the buyers (you) but to the seller (e.g. the foreclosing lender or financing entity), which means that their obligation is to get as much money for the home as possible. So they can keep showing the home until there is an accepted offer and signed contract, try to find other potential buyers, and even encourage, a multiple offer situation and hope the would-be buyers bid against each other to drive the price up.


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