Verbal is exactly what it means, people change their minds especially when it comes to money.
If the seller(s) are good and honest people they will not entertain another offer or allow anymore showings of the home during the due diligence period. If the seller(s) agent feels in their professional opinion that the deal is shaky he or she may discuss that with the seller(s) and suggest that they continue to show the property. The inspection(s) are a buyer expense which the buyers know are not refundable. As Javier mentioned in a previous posting and Gale only a fully executed contract is a true binding agreement. Always get things in writing 1st and then being your due diligence period.
A good agent will advise you accordingly.
Feel free to ask any questions about your experiences we are here to help.... more
In your example the owner can verbally accept an offer that I'll assume you would have made at least subject to an inspection and mortgage approval as part of your proposal. At this point the owner could have requested the listing office disclose "First accepted offer no longer showing" or " First accepted offer still show" when a showing agent called for status and to make an appointment. It is very common to still show prior to inspection approval and fully signed contracts.
It's in the sellers advantage to have a back up offer just in case the first buyer can't perform to the contract terms for any reason. And from your buyers perspective it is important to complete the inspection, cooperate with your lender and attorney in a timely fashion to seal the deal.... more