Runaway Sellers - are there values in Real Estate in NY?

Do you know how much they beat you by? Other states have different process, but in NYC, nothing is set until you are under contract.

the same thing happended to me a few years ago. The seller only verbally accepted my offer, so they were technically in the clear since there was no written contract.

but let's not put all the blame on the sellers. We all know that a good number of buyers, especially those in new devleopments, walk away from their contracts and never close. So the blame goes 2 ways.

Jeffgarmley, I am very sorry that this happened to you, but in a few months, you may be counting your blessings if indeed prices do come down.

I'm sorry this happened to you, but how much less than the sellers thought they were going to get did they end up with?

It's not a question of how much more. It's about a system that doesn't help buyers or sellers. It is very stressing. In other places people interested live a deposit that is less that 10%, more like 1 or 2%. The seller has a certain amount of time offered to think about it (2,3,4 days). After that, if ht offer is accepted the seller signs a paper (accepted offer) where it says that both buyer or seller have to pay double than the deposit if they quit the deal. Having people wait weeks it's horrendous, both ways. I had an accepted offer for 2 weeks, and it fell through too.

is horrendous.