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Homepath - another multiple offer round, after accepted offer before executed contract

After the multiple offer situation, offer got accepted and I got contract package. I have submitted my contract with copy of cashier's check for the earners money within the given timeline without any change from the offer. However the seller agent starting another round of multiple offer without providing any reason. This is happening in Illinois. Is this legal and valid? What are my options. Please advise. Thank you.
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April 19 2013 - US
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Answers (4)

Profile picture for user1449291
The poster left out some of the instructions given from Home path.  The poster listed instruction 1-4, but there is a 5th item.

5. The Seller may exercise the option to direct the Listing Agent to invite selected Buyers to additional round(s) of the multiple offer process.

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August 30 2013
If your contract is not signed and delivered back to that listing agent you do not have a final accepted purchase agreement so I believe he can do that.  For the record I don't think that is fair but until the signed contract is delivered signed to all parties you don't have a deal.

Best of luck
Tom
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April 20 2013
Profile picture for user12847974
I highly appreciate your time and the immediate response. 

It was not verbal by email;  also the contracts were sent by him with timeline and instruction for the earners money in cashiers check with deadline time to sign and send those documents. 

After 24 hours of I sent those documents the seller agent informing about "Another multiple offer round". 

Also in the 1st multiple offer round got the mail from homepath explaining about their standard procedure as below,  isn't it clearly violated?

The Seller's standard procedure for multiple offers is as follows:

1. Inform all parties of the multiple offers.

2. Each interested party is requested to submit their "best" offer in writing to the listing agent no later than Apr 16, 2013 at 08:42 AM (EDT).

3. Seller will accept or provide a counter offer ONLY to the offer which the Seller determines to be the "best" offer.

4. In the event the first choice of "best" offer does not result in an accepted purchase agreement, Seller will accept or provide a counter offer ONLY to the offer which the Seller determines to be the "next best" offer, and so on.

Thank you.

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April 19 2013
Absent a purchase agreement signed by all parties, it may be difficult to prove your offer was accepted by the seller. Verbal contracts are legal in many states but are considered difficult to enforce. And while the listing agent may have verbally (or even in writing / email) agreed to the sale, the  purchase agreement may not be considered legal without the signature of the asset manager or the individual legally responsible for signing such documents.

Personally I have never heard of such a situation as I assumed that if my client followed the rules (as you apparently have) that there was a 'gentlemens agreement' to not continue to market the property and to accept the offer on the table. While it may be legal, the ethics are suspect.
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April 19 2013
 
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