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Erin, Other/Just Looking in Daytona Beach, FL

Active with Contract - Accepting back up Offers

Asked by Erin, Daytona Beach, FL Tue Aug 21, 2012

we have a contract on a house...inspection guy is going Thursday, papers are signed, disclosure is signed, things are on their way. Today I look on Trulia and it says active with contract - accepting back up offers. I can't get a hold of my Realtor now but would like to know what this means. Can they pull out of my our offer? We don't want to lose this house. Thanks!

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4
Erin,
As Antonio and Danielle explained, this is not uncommon and serves an important role in the buying/selling process.
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This practice does not place your purchase offer in jeopardy. Even if a back up offer comes in at a significantly higher price (there is no way for you to know this), your contract is the one that will be executed. However, should you choose to play hardball and insist the light switch plates be replaced, such action creates the opportunity for the seller to say, "Next."
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If you like the house enough to make an offer, you can be certain others will like it too. Back up offers can keep the process moving forward with everyone negotiating in good faith.
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To answer you question, they CAN NOT PULL OUT of your contract, UNLESS you give them the opportunity.

Annette Lawrence, Broker/Associate
Remax Realec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Aug 22, 2012
Unless on your offer it was specified that the seller cannot continue to show and get back up offers, they can. Its how they protect themselves a buyer changing their mind post inspection or not getting the loan. It saves time to know who else is interested instead of having to begin advertizing after 30 or more days just waiting on you.

The important thing is that once you have that signed contract they cannot sale to anyone else unless you default on your side. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Wed Aug 22, 2012
Active contingent just means that the seller is accepting backup offers until your contingency (inspection) is satisfied. Backup offers just mean that the seller can accept one or ten other offers conditioned on your offer becoming null & void. It's not as uncommon as you would think and it's something your agent definitely needs to explain to you.
0 votes Thank Flag Link Tue Aug 21, 2012
O also this is not a short sale, the owners are still in the house.
0 votes Thank Flag Link Tue Aug 21, 2012
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