Rights of a home buyer in Iowa

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Rights of a home buyer in Iowa

I recently submitted an offer of full listed price of a home through my real estate agent. Upon receiving the offer, the seller agent continue to schedule the showings for another day and suggests that the decision will be made after the showings are complete. I didn’t hear back from my agent the day showings ended. I got an email from my agent the day aftet saying the seller has an offer accepted. It appears that the selling agent wanted to pocket commissions from both sides and essentially didnt even consult us for negotiation. We were the first one to out in the offer on the property. I am not sure if this is a legal practice as I feel that I am treated unfairly.

Asked on August 11, 2017 under Real Estate Law, Iowa

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Until--and unless--the offer is accepted and there is a signed contract, the prospective buyer has no rights: the law does not require a seller to take any particular offer, and is free to simply disregard your offer and accept a different one for any reason at all. There is no right to have your offer accepted or to have the chance to negotiate.
If you believe that the agent acted unethically, you could  possibly file a complaint against the realtor with the realtor-licensing board--but that's about all you could do.


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