Foreclosure in Appleton>Question Details

Jane, Home Buyer in Wisconsin

Can more offers be considered if we have an accepted offer from the sellers but waiting on the banks decision?

Asked by Jane, Wisconsin Mon Aug 25, 2008

We offered on a short sale home and had the sellers sign and accept our offer. We are just waiting on the bank to negotiate our offer. The sellers have now put a for sale sign in their yard. Are they allowed to accept other offers before ours is reviewed?

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I don't have a copy of your offer in my hand, so my comments are general in nature. If you are using the standard Wisconsin forms, also applicable in Appleton, this should be correct.
Usually, if your offer has indeed been accepted, and the offer is structured properly to allow you time to have your contingencies satisfied, then you will remain in primary position and can continue forward knowing that your offer is the accepted primary offer. The seller is free to consider any and all offers on the property, and they can accept a secondary offer, which will remain a "back-up" offer to yours. If for some reason you are not able to perform and buy the property, the seller will have another offer in hand that they may choose to elevate to a primary status.
Watch your dates carefully and make sure you communicate regularly with your agent as to the progress with your bank, etc.
Best wishes!
0 votes Thank Flag Link Mon Aug 25, 2008
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