Offers are not binding until a contract is signed. A broker has a legal obligation to bring all offers to the seller right up until the transaction closes. The only protection a buyer has is to have a contract fully executed by both buyer and seller as quickly as possible. Should a seller renege after signing the contract, you have a solid case to sue for specific performance and get the property. However, this does not mean you should overrule your attorney when they raise issues in negotiating the contract.
Licensed Real Estate Associate Broker
450 7th Avenue Suite 1501
New York, NY 10123
If you have a contract, everyone in agreement, all signature in place, then you are good to go.
The Open House was very likely a part of the commitment the agent made to the seller and was already scheduled.
Be aware, open houses have many purposes. Rarely are those purposes related to the sale of that home. You would be wise, however, to understand, an active and experienced agent is ALWAYS collecting a list of back up buyers. If at some time in the next few weeks you cause to reopen negotiations, you may find out the significance of back up buyers.
Congrats on find your new home,
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
I noticed you state your offer was accepted through email and you don't have the actual contract yet. Until you have a contract signed by ALL parties, you don't have a legally binding contract. If the Broker has an open house and another offer is accepted (and signed by ALL parties) before you have a contract signed by ALL parties, that offer will be the legally binding one and you will not get the property. An acceptance by email is not legally binding in real estate.
If your contract is not signed before the open house, then there is a greater problem for all parties. As an agent in that position, I would feel a need to explain to anyone interested that we have an accepted but not signed offer and that if they still wanted to buy it (at a higher price for instance), I could not guarantee that their offer would be accepted except as a backup.
But, other than pushing to get it signed right away, I would unlax a bit. It's been said often that open houses are to make the owner feel that their agent is really working for them than to actually get a sale, meaning sales are not often made as a result. And if when that happens, folks usually think about it a bit, see it a second time.... then make an offer.
sometimes agents continue to market the property for many different reasons. dont be alarm and make sure you have an attorney to close your deal. congratulation on your new home.