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I don't know if this question has been asked before, but I recently obtained a contract on a home. I really have no home selling contingencies, and I can move in whenever the home closes. We have a healthy down payment and excellent FICO score and we've been approved for an ample amount for a loan. I can also make the $15K earnest money they require. My question is this, can they still accept other offers if we both signed the contract? We are still in our inspection client-attorney appoval period. The inspection is coming up next week. I wish I could get one sooner, but this inspector is really booked (he's really good!).
The problem is the realtor hasn't marked the home contingent or pending yet on MLS, so it's still showing up as active.
I would like to deter others from viewing the home as I think I got the home for a great price. It's someone who wants to get rid of it as his parents, the original owners, have died, and he just wants the $$$$, so he only came up a little in price from my low ball offer! I'm thrilled to death, but just want to make sure nothing goes sour, as the inspection and transfer of the remaining earnest funds has not occurred yet. The remaining earnest funds will be transferred upon the end of the client-attorney approval period.
The problem is the realtor hasn't marked the home contingent or pending yet on MLS, so it's still showing up as active.
Just because someone hasn't clicked a check box letting the internet know its under contract, doesn't mean its not under contract. You are placing too much emphasis on the internet.
Just because someone hasn't clicked a check box letting the internet know its under contract, doesn't mean its not under contract. You are placing too much emphasis on the internet.
I know, but at least that deters people from wanting to view it. I suppose the seller's agent has to let them verbally know its under contract.
A back-up offer means that it is a full contract with the most important contingency being it is not enforceable UNLESS your offer ends up not closing.
A back-up offer means that it is a full contract with the most important contingency being it is not enforceable UNLESS your offer ends up not closing.
Repeating my question: Does this mean that the seller can bow out from our offer, and accept a back up offer, even if all our contingencies are met (closing date, inspection, earnest money, etc. . )? Is that true?
If someone can answer that simple question, that would be great as your answer is a bit confusing. I'm not a real estate professional. Thanks. :-)
Repeating my question: Does this mean that the seller can bow out from our offer, and accept a back up offer, even if all our contingencies are met (closing date, inspection, earnest money, etc. . )? Is that true?
If someone can answer that simple question, that would be great as your answer is a bit confusing. I'm not a real estate professional. Thanks. :-)
Your question is a bit off point so needs to be reframed just a little.
And, local rules rule.
Here, the seller can definitely accept a backup offer, negotiating it to a backup Contract.
However, your current contract would be Primary and enforceable, as long as all signatures and initials were completed, and the seller cannot just toss it for a better offer.
If you would terminate for any reason, the Backup Contract would become Primary, without the house ever going back onto Active status on the MLS.
The benefit of a solid Backup Contract for the seller is knowing they may not have to go back to Active status and allow showings.
The downside is that that Backup Buyer will continue to shop for another house. Unless the house is very desirable or unique, the seller has to realize that the Backup buyer can vaporize at will.
It is a long shot game to play from both sides, and your story makes me think there is a slow agent involved, or a staff member who is supposed to update MLS, or that there may be some local rule function that is keeping it Active.
No, it means that if for some reason your contract falls through then they still have another viable offer. It may mean the sellers would be less likely to negotiate inspection items knowing they had a back up offer. But those are relatively rare.
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