House Still on Market While Under Contract?

Question

Hello,

We had recently made an offer on a home which was accepted. There is a contract, close date, etc. We have been pre-approved for financing but just let the buyer know that we might not get the financing we wanted (my business is not old enough to go full doc) but that we could indeed get financed. While we are working toward closing (at the agreed upon date) the seller relisted his home (we have seen it back on many realtor sites).

Is this acceptable?
Also, the seller is the builder as well as a licensed real estate agent.

Thanks,

Dave

Answer 1

Yes, a seller can keep a house listed a s"for sale" until the offer closes to take back up or contingent offers in case your financing does not come through.

Answer 2

absolultely... if your financing doesn't go through, the seller needs to find someone who wants their home and can get approved.

Your business is not old enough to go full doc? stated income type loans will want the same 2 year history... The only difference would be you can't show a 2 year average of income high enough to qualify you for the loan if you go full doc.

Answer 3

Sorry you are dealing with this type of situation. I must say that posting questions on the web may get you good answers but they may not be appropriate for the laws in your particular state, city, county.... You should get this type of advice from either a varied group of Real Estate agents from different areas around your city or an attorney who offers free telephone consultation. My company offers this type of service for the price of a cup of coffee a day and you can call to get answers to an unlimited amount of questions. I hope this helps you. If you want to get more info call me at 866-553-1251

Answer 4

Kind of a tricky situation. most of the time they can advertise that they will accept backup offers in case your deal falls through. obviously they can't sell the home twice and you have a contract so as long as you honor your offer there should be no problem.
of course this is general information only, you should always seek the advice a legal professionals familiar with your specific situation in all legal matters.

Answer 5

Yes, it is acceptable, and very common practice to relist and remarket a home in the event that you are not able to satisfactorily close. Any offers accepted in this manner would be secondary to your offer, of course, but if you fail to meet your contingencies, your offer to purchase can be voided, and any secondary offer moved in to first place.

Answer 6

that's totally available that the Realtor did no longer comprehend the living house replaced into being foreclosed. the broker could have conventional and replaced into probable hoping to close in the previous it exceeded off however the broker won't have advised the Realtor. If the valuables replaced into offered on the courthouse steps that sounds like it replaced into offered for decrease back taxes. If a assets is offered for decrease back taxes the owner has a undeniable volume of time to reclaim the valuables. you may desire to take the broker and Realtor to courtroom and notice what happens. while you're in uncomplicated terms desiring the cost of the living house inspection you may desire to probable document against the owner in Justice of the Peace courtroom and not have the cost of an legal expert. there's a cut back on the quantity you may sue for once you document in Justice of the Peace courtroom so that's recommended to call your courthouse and locate out what that's.