Once there is an accepted offer, contracts go out, and
the buyer signs the contracts to seal the deal.
Until that stream is broken, for example, if the engineer inspects the
property and finds too many things wrong, the buyer can back out and
decide not to sign the contract, then the offer is no longer on the
table and another buyer like yourself can step in.
There is not supposed to be more than one accepted offer being
pursued at the same time.
So the legal terminolgy has to be exact. The term "accepted offer" has a lot of weight
and until that deal goes dead, (contracts are not signed), it is legally binding.
The seller can't flip-flop and change their mind if a better offer comes along
after they have accepted an offer.
However, in a short sale there is a bank involved so of course they are going to
accept the most money they can get and the seller is not in
control of the amount of money to accept.
Camille Dandola. Licensed Sales Person
ReMax Hearthstone, 516-312-6245 Please use my services.
I am offering a promotion for all buyers and sellers.
Please keep in mind you are not buying a car and trying to get it on sale; you are purchasing a home to live in. As long as you bid with your head at a value not higher than what the new home meant to you, don't try to second guess yourself...just start planning your move and where you are going to put your furniture! Much health & happiness to you in your new home.
Actually, there is a lien on the house for 375K ( which was my initial offer), but as I said earlier we got into a "bidding war" as per my realtor.
I need to validate if what he told me is true, or was he making up higher price to get more commission.
Could I ask him to show me the documents regarding the 2nd so called "buyer" with his supporting offer of 395K?
what makes it curious for me is...I have offered only 1K above his offer, making mine as 396K, to which '"seller" has agreed upon.