I oversee the RE/MAX office in Waukegan. If the Seller signed (not verbally accepted) your offer the listing agent is bound by MLS rules to change the listing status to "contingent". Your agent should insist on this, contacting the MLS if it is not done. Unless the contract states otherwise (and it rarely does) the Listing Agent can continue to market the property, disclosing that it is under contract with contingencies, and forward any other offers to the Seller (and lender). Whether they can accept another offer and cancel yours depends upon the specifics of your contract. Only your attorney and Realtor can offer advice on that . Good luck.

Vania,

I am not sure what the laws are in IL, but in MN you can't sell the house more than once, so you can't accept more than one offer. Please keep in mind however that you don't have a done deal until that bank accepts the terms of your offer. In MN the seller could accept another backup offer and then if the bank denied your offer they could cancel your's and then submit the backup to the bank. Good Luck

Cameron Piper

The seller has accepted our offer upon bank approval. Can they accept another offer at this point and/or lower the listing price? Is there anything that can be done legally if the sellers accept another offer?

Vania,

Has the bank accepted your offer or has the property simply been accepted by the seller subject to bank approval?

If the bank hasn't accepted the offer, the sale is not final and as such the agent is still allowed to market the property. If the bank has accepted the sale, then you should have a binding contract and nothing to worry about. I would have you agent contact the listing agent and find out why they are continuing to market the property if your offer was acceptable to the seller.

Cameron Piper
#1 Trulia Agent in MN