I made an offer for a home for 105,000 and it was accepted with paper work and signatures through a realtor. The closing isnt until May 30th so is it possible for someone to make a higher offer and the seller accept it? The home looks like it is still listed and people go through it sometimes.
2007-03-21 10:49:58 · 5 answers · asked by Andrew K 2 in Business & Finance ➔ Renting & Real Estate
You have a legally binding contract. Done deal.
2007-03-21 10:57:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Why are you not closing until may? Is it because your contract is subject to the sale of your home? If so they will still be showing it and if another offer comes in you should have 48-72 hrs to decide if you want to buy it without the contingency. The other thing they may have done is if your loan looks shaky and they feel it may fall through they may be accepting back up offers. If you are in a signed contract they will not be able to sell it to someone else unless you do not buy. My personal feeling is since the closing is so far away they are accepting back up offers. You have to understand that if they didn't do this, and you loan fell though on may 15th, then they would lose a lot of market time. If you were closing in the average time, 30 days, I am sure they would have put it to straight pending instead of pending with back up.
You may want to ask your Realtor, I am sure they could answer this for you.
RE Agent,
Remax
2007-03-21 11:38:39 · answer #2 · answered by frankie b 5 · 1⤊ 0⤋
You say that the signatures are through a realtor. Do you mean that only the realtor has signed, or that the realtor has had the owner sign too.
If the owner has signed as accepting, then you have a legally binding contract, and you have the right to buy the house for the stated terms.
If only the lawyer has signed, then you may have a case against the realtor.
Either way I would have a lawyer look over the paper trail and tell where you stand.
2007-03-21 11:03:47 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
As long as it has been signed by both you and the seller, the contract must be followed. The buyer must sell to you, if you follow the contract. They may have people going through just in case you fall through and they get a chance to accept a higher offer, but they cannot back out of yours and then sell to someone higher if you have not breached the contract.
2007-03-21 10:59:42 · answer #4 · answered by moonman 6 · 0⤊ 0⤋
If indeed you have a signed acceptance to your offer the seller is committed to selling the property to you subject to the contingencies within the agreement. The reason why you might still see some activity on the property is due to caution on behalf of the agent just in case the sale does not go through due to the contingencies on the accepted offer.
Buena Suerte
2007-03-21 11:00:15 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋