VA foreclosure

UPDATED: Oct 1, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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