Showing house while in attorney review? (contingencies, clause, agent, accept)

[boyohboyohboy]

We accepted an offer $9K below our current list price. I signed the cotract this morning and it went into attorney review. Since then my house has been shown twice with another showing this afternoon and another tomorrow morning. Is it typical to continue to show while in attorney review? My agent has informed these other potential buyers' agent that we have just signed a contract and they still want to come. We only just dropped our house price this past Sunday and now buyers are crawling out of the woodwork and swarming (not that I am complaining! ) I guess I just want to know if this is common, and what happens if we get another offer. Thanks for any insight,
Anne

[GloriaNow]

HI, In my state, Illinois, if the buyers have any contingencies on their offer, such as that they must sell their current home first before closing, you can actually consider one of the other offers and turn the first one down. Check your state/contract terms. You should be able to give the buyers what's called a "kick out" notice. Or if your buyers come back with any modications to the contract, you can then with the help of your attorney, refrain from signing off on those changes, and consider the other offers coming in. (But don't reveal this to the lst buyer yet). If those new offers are much better in terms of price or have no contingencies other than the normal financing ones, you can reject the first buyer's offer, and take one of the new ones, by asking for more money such as your original list price or turnthem down, but make sure you speak to your attorney about doing this first and you listing agent. You don't want to lose the first one if you are not covered legally. So, yes this is common.

[nic529]

Yes it is normal to continue to show your house while in Attorney Review unless a part of the deal is not to. This is good for you. You may get another offer for your asking price now. And you would be well within your rights to accept. On the same token, the buyers may see another house and back out of yours. Good luck!

[gbone]

Originally Posted by nic529

Yes it is normal to continue to show your house while in Attorney Review unless a part of the deal is not to. This is good for you. You may get another offer for your asking price now. And you would be well within your rights to accept. On the same token, the buyers may see another house and back out of yours. Good luck!

Nic, they said that they had signed a contract on the first offer. Unless there is a kick out clause in the first contract and/or the contract becomes void it might not be a good idea to accept another offer as there is a good chance the seller might be sued and end up in court.

[twinmma]

don't know where you are but in NY the attorney has 3 days to accept or decline the offer once it gets to him. So, if you get a better offer in that time period you can have the attorney deny the first offer and then accept the better one...We did this when we lived in NY and got another $8K out of the deal.
Good luck!

[boyohboyohboy]

We are in NJ, if that makes a difference. I am hoping for as much $$ as possible because homes in the area we are moving to in Florida have not been undergoing any price reductions. Sigh.... Just my luck to sell low and have to buy high My realtor just called with yet another showing for this afternoon....