Home Buying in Los Angeles>Question Details

Jenn, Home Buyer in Tennessee

I just signed my new home purchase agreement, but don't close for 60 days. Can the seller take another offer in that time?

Asked by Jenn, Tennessee Tue Jun 5, 2012

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11
Hello Jenn,

If you have a fully executed purchase agreement with the seller that states escrow shall close 60 days after acceptance,and you have opened escrow the seller can not take another offer without cause and without canceling the escorw they are in with you.

Now that being said if you fail to perform, for example you are unable to get full loan approval, then the seller will have cause to cancel the agreement, but length of escrow alone is not cause to select another offer.

Best of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jun 9, 2012
No, not if you ahve a contract that buyer and seller have signed. The seller can take a backup offer but has a legally binding obligation to sell you a home per your written contract.
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Jenn,

If you have a fully executed purchase contract signed by both sides and have opened escrow (submitted your deposit into escrow) then you should be okay. Seller may choose to take back up offers just in case you cancel your purchase for any reason. Good luck.

Sara Mehrpouyan CDPE
Rodeo Realty
Direct 818-903-2040
Dre License #01712757

**Sign Up to Receive New Property Listings By Email Here: http://www.newlosangeleshomesearch.com
0 votes Thank Flag Link Tue Jun 5, 2012
You need to have a fully executed contract (signed correctly by all parties in all places) and the acceptance has to be acknowledged by all parties for you to be protected. Once that is done you need to satisfy all contingencies as they come. THe seller can accept a backup to keep the pressure on you to keep the deal on track. Be sure your agent is keeping track of all these details.
0 votes Thank Flag Link Tue Jun 5, 2012
They can take a backup offer... and they can continue to market the property... but you should be secure on your position if you perform in accordance to your contract terms!

Best of luck!

Ron@select-realestate.com
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Jenn:

If you have signed a purchase agreement, and your agent has presented your offer to the Seller, until your offer is signed by the Seller, the Seller can accept another offer. Once the Seller has signed and returned the offer to your agent, and then you accept any counter offers, if any, then he can only take back up offers which will be negotiated if you back out of the sale for any reason.

If I may be of assistance to you, please let me know.

Good luck!

All the best,

Kat Becker, Realtor
Prudential California Realty
katbecker@prula.com
0 votes Thank Flag Link Tue Jun 5, 2012
If you have a fully executed contract then the Seller cannot execute another offer until you fail to perform and the contract and escrow is cancelled. They can allow offers to queue in case it does "fall apart".

You will have the easiest transaction if your agent keeps illustrating to the Seller that you are serious and moving forward as vigorously as possible. They want to have confidence that you will close on time and on agreed terms.
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Jenn,
If you and the seller have both on terms and price and an escrow has been opened, then that is your property assuming you follow through on the contractual details. The seller can accept offers to be in back-up position, but if you're moving forward just fine, you should have no reason to worry about your position.

Congratulations!
0 votes Thank Flag Link Tue Jun 5, 2012
Assuming that you have a valid purchase contract that doesn't allow for this, then the seller could not accept another offer except as a backup. Every real estate purchase contract put out by a realtor board I know of has a, "24 Hour Notice to Perform Clause." This spells out how a seller can cancel the contract, and it requires a buyer to go past deadlines.
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Jenn,
Congrats on your new home. Once escrow is open the seller cannot sell it out from under you. That said, make sure you do everything on time as stated in the contract.
Good luck,
0 votes Thank Flag Link Tue Jun 5, 2012
Has your offer been accepted by the seller? Are you in escrow? If yes then yes, the seller can take another offer but only as back up. If you do not follow through on your contractual obligations, the seller can also cancel. Read your Purchase Agreement.
Are you working with an agent? If no, that's a mistake but if you are in escrow, too late to get a buyers agent now.
0 votes Thank Flag Link Tue Jun 5, 2012
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