Seller signed contract for purchase, but is entertaining other offers

[nick81]

hi,

both of us buyer and seller signed the contract on friday after a week of going back and forth over the phone about small details. i called to get an appointment for the home inspection, but accidentally found out that the seller is still showing his house to others who are coming in for a second viewing and says he will still negotiate with others.

he says that since he has 5 business days, he is still entertaining offers. what do i do? i live in illinois. we never signed the optional part of the contract where it asks if he is allowed to still keep his home on sale. is he allowed to get a contract signed and then still entertain other offers. i dont want him to use my contract to leverage with other people. the home is very desirable, but we are on a budget.

thanks,

nick

[aaron]

he says that since he has 5 business days, he is still entertaining offers.

Is that what the contract says?

[nick81]

hi,

it does not say that he can sell his property while in contract. infact there is a clause about that and we have not signed it. but he is referring to the 5 business days both parties have to cancel a contract. i think its called rescission period?

my lawyer does not work on weekends and is off till tuesday. this is getting in my head. its that sunken heart feeling of loosing your dream home. he was talking with me like he is warning me that the deal may not go through since he is getting another better offer.

can i argue with him using the good faith covenant and fair dealing covenant?

thanks,
nick

[aaron]

I have no idea what state this is in, as you chose not to post that information, so I have no idea what "rescission period" may exist under your state's laws.

[nick81]

i live in illinois.

[aaron]

I see a provision for a five-day cancellation period for the purchaser of a time share, but that wouldn't apply. What specific law did you have in mind?

[nick81]

aaron, i looked at that link. i went ahead searching and searching the legislation bills. thanks alot. i have not found much, however i did get to know that i can threaten him for 'tort' damages (covenant of good faith and fair dealing). i will keep you posted on what my lawyer says as well. thanks alot.

oh yeah. i finally received the dreaded call today from him saying that he has actually gotten a better offer (not signed & wont mention the offer amount) and told me to give him my best offer i could give him. i asked him "whats the guarantee that you are not going to go back and tell the other guys that youve got a better offer from me" and he said "well, i think that should be assumed". i cant shoot blindly offering him ridiculous offers. he is in such a sweet spot.

so i will keep you posted as soon as i talk with my lawyer.

[nick81]

update:

the sellers attorney cancelled the contract and my attorney told me that the deal was off. hurts.

thanks for the responsse aaron.

[aaron]

What did your attorney say about this, in terms of what Illinois law provides?

[nick81]

the lawyer did not care much. all he said is the deal is off. he did not seem interested in pursuing it further. he is a typical strictly real estate attorney. so he doesnt want to get deep in litigation. he just wants to fill out contracts, negotiate, close and cash out his $450.