If this situation has been asked before, please link us to the right forum. We'd very much appreciate!
I used the 25:1 system using my agent and get 2 offers accepted. My mistake was to put in very short closing date deadline that I wasn't able to find a qualified buyer (although there are many buyers have called us). So it got expired.
One of the deals is still under contract. I put up ads and a friend of mine who is also an agent saw it. He has got a buyer in place. The listing agent told us that he would re-list the property if we couldn't find and let him know FOR SURE if we have a qualified buyer by today (deals accepted last week). Otherwise, the EMD will not be returned if we don't ensure him and don't let him re-list the property.
Meanwhile, I was honest enough to tell my agent friend the situation and surprisingly he said he'd wait until the listing agent relist and put his client's offer in (bypassing us)
I wonder how we can structure the deal or there is nothing we can do beside letting it relisted. Or at least could anyone tell us how we could do better next time?
Thanks so much!