Home Buying in Owatonna>Question Details

B-dizzy, Home Buyer in Owatonna, MN

Can you make an offer on a house that has already accepted an offer?

Asked by B-dizzy, Owatonna, MN Thu Sep 24, 2009

I put in an offer in on a house to which they accepted. Can another person put in another offer after the owner has accepted mine?

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Answers

8
Yes, It can be held as a backup offer. It would be a smart move on the listing agent's part in this market. Alot of deals are falling through due to inspection and financing issues. The seller is bound to the contract they have signed with you.
Good Luck,
Christine McDaniel
1 vote Thank Flag Link Thu Sep 24, 2009
If signed accepted offer has been delivered to both parties of transaction and there are no contingencies, the offer would be held as a back up offer. It would be subject to the written cancellation of your offer, due to inspection or financing issues.
0 votes Thank Flag Link Fri May 18, 2012
As long as your offer was accepted with all the signatures, including the counter offer addendum,or any initials to any changes if a counter offer addendum is not used, and the offer was delivered back to the listing company. The other offer would be a back up offer and would have to be written subject to the cancellation of your offer.
0 votes Thank Flag Link Thu Sep 24, 2009
sorry, until you and seller cancel the deal.
0 votes Thank Flag Link Thu Sep 24, 2009
Yes, but, if your offer has been accepted , let say, subject to Inspection, the other offers will be subject to you canceling the offer due to inspection issues.
Also, most of the properties, once it has an accepted offer and earnest money has been delivered will be set as pending on the local MLS. Pending does not allow more showings. No showings, no offers until you or seller cancel the deal. Or do not close.

Best and congrats on your accepted offer.


Buy!
0 votes Thank Flag Link Thu Sep 24, 2009
Minnesota is a written acceptance state. The offer isn't legally accepted and binding until all parties have signed the offer and both parties or their agents have been provided copies of the fully signed offer.

That said, with corporate sellers, once the offer has been verbally agreed upon and is "out for signatures", corporate sellers (banks, relocation companies, ...) typically consider it sold and any additional offers would be back-up offers.

Does this make sense?
0 votes Thank Flag Link Thu Sep 24, 2009
Sure, anyone can offer but the seller can't accept it. The seller has a contract with you! I confirm, your first answer is correct!
0 votes Thank Flag Link Thu Sep 24, 2009
They can put in a back up offer. Is your contract subject to selling another home? If not you have no worries as long as your financing is in order. If it is contingent on the sale of another home with a kick out clause then they could possibly get the home if you cannot drop the contingency.
0 votes Thank Flag Link Thu Sep 24, 2009
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