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It's not that they can back out, but they can accept other offers as back-up offers if the first buyer can't perform. Sellers get very anxious during the escrow period waiting to make sure that the financing can get approved, etc., so if there was another interested buyer, it is always good to have a back-up offer in place.
Yeah, from what I understand, any negotiating with other buyers after the contract is signed and going into escrow would only be for backup offers -- only possible if escrow doesn't close because contingencies not met (financing falls through, buyer's other house doesn't sell, etc).
That's why I don't understand why a buyer would need to stop a seller from seeking other backup offers. They'd only come into play if the buyer could no longer buy and escrow couldn't close. I thought others were suggesting the buyer would want that contingency because s/he was afraid the seller would try to breach their contract and get a better deal while they're already in escrow. Sorry if my posts are causing more confusion!
Yeah, from what I understand, any negotiating with other buyers after the contract is signed and going into escrow would only be for backup offers -- only possible if escrow doesn't close because contingencies not met (financing falls through, buyer's other house doesn't sell, etc).
That's why I don't understand why a buyer would need to stop a seller from seeking other backup offers. They'd only come into play if the buyer could no longer buy and escrow couldn't close. I thought others were suggesting the buyer would want that contingency because s/he was afraid the seller would try to breach their contract and get a better deal while they're already in escrow. Sorry if my posts are causing more confusion!
I actually wonder if the buyer was worried about during attorney review.
We had one buyer say this that we couldn't have it showing as active or something to that effect, then a few days later he pulled out. No clue why but thankfully we did have a backup.
Selling is the pits. Buyers by us are not finding houses in the amount they qualify for and are going to the next level and low balling.
I actually wonder if the buyer was worried about during attorney review.
We had one buyer say this that we couldn't have it showing as active or something to that effect, then a few days later he pulled out. No clue why but thankfully we did have a backup.
Selling is the pits. Buyers by us are not finding houses in the amount they qualify for and are going to the next level and low balling.
Wow, that's weird that they'd pull out after telling you not to keep it active. Hmm, maybe our friend's buyer knows something will go wrong in escrow, then will be in a better position to get concessions from the seller to renegotiate the deal since the seller won't have any backup offers.
Your friend should seek advice from their Realtor friend who has taken on the liability to put it on MLS as well. That Realtor, even if they did nothing but put on MLS, is legally liable for any potential issues or misrepresentation.
Your friend should seek advice from their Realtor friend who has taken on the liability to put it on MLS as well. That Realtor, even if they did nothing but put on MLS, is legally liable for any potential issues or misrepresentation.
Excellent point -- I'll pass that along.
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