Home Buying in Queens>Question Details

Ownerofroper…, Real Estate Pro in Queens, NY

I made an offer on a property and my offer was accepted! However now I see the broker is having an open house!! What do I do?

Asked by Ownerofroperty, Queens, NY Fri Feb 15, 2013

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17
Until an executed contract exists, signed by all parties and deposit money exchanged, the seller is free to do whatever he/she wishes.
1 vote Thank Flag Link Fri Feb 15, 2013
They are able to keep showing the house until contracts are fully executed, signed by both you and the seller. They may be trying to attract buyer clients for other properties or they may be trying to get a higher offer on the one you are looking to purchase.
1 vote Thank Flag Link Fri Feb 15, 2013
All good answers. It is also very common to continue to show a property after a contract is in place as a backup in case the contract falls through for whatever reason. Keep moving ahead and make sure you complete all the actions the contract requires of you within the contracted timelines to make sure the contract closes as scheduled.
1 vote Thank Flag Link Fri Feb 15, 2013
Excellent point. After we'd gone to contract, gave a deposit and throughout the process to closing, the house I was purchasing remained an active listing. The agent for the seller did warn interested parties that the home was in contract, but they could look just in case the closing failed.

Just keep plugging along with the paperwork needed from all involved parties in a timely manner.
Flag Fri Feb 22, 2013
You should find out from the agent why the open house yet he accepted your offer.There might be valid reasons for the open house.
Web Reference: http://www.realtypin.com
0 votes Thank Flag Link Tue Feb 19, 2013
Hi,

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.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Mon Feb 18, 2013
The open house may have been organized before the offer was presented or accepted. You should clarify this with your agent.
0 votes Thank Flag Link Mon Feb 18, 2013
In some cases, the open house may have already been scheduled and it's a way for the agent to create more business with additional customers. Also, if the contract has not been signed on both ends, the seller can chose to wait. You, however, have a first accepted, but they can still show.
0 votes Thank Flag Link Fri Feb 15, 2013
Make sure your offer is signed, it is not a contract and the home is not pending until it is signed by all parties. If your offer has contingincies the listing agent could be looking for a back up offer in case you do not come through.
0 votes Thank Flag Link Fri Feb 15, 2013
Start packing!
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.
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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.
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Congrats on find your new home,
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
Movie Tour
http://youtu.be/g1H-_ny-Mnk
0 votes Thank Flag Link Fri Feb 15, 2013
The offer/contract needs to be signed. Make it a priority to get it signed - are you using a buyer's agent? If not, why not? The buyer's agent is there to protect your interest - s/he would have had you sign the offer and presented it to the seller and would have made sure the offer was signed by the seller as soon as it was accepted. It must be in writing and it must be signed.
0 votes Thank Flag Link Fri Feb 15, 2013
Hi Ownerofroperty,

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.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Fri Feb 15, 2013
IF you get your contract signed before the open house, the realtor there will have some embarrassing answers to give. All any other buyer could do then is to make a backup offer, whereby they are in second place. Only if you could not complete the sale, would they be able to buy it.

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.
0 votes Thank Flag Link Fri Feb 15, 2013
Nothing, the broker is trying to pick up buyers. You have a contract on the home, they cannot resale it. Make sure your inspections are scheduled and get ready for what is found.

Best of Luck
0 votes Thank Flag Link Fri Feb 15, 2013
Placing a newspaper as for an open house usually has to happen a week o more in advance. So the agent still needs to be there in case someone attends. Also, the seller may have decided to continue marketing out of fear that you don't sign the contract and they will have lost market time trying to find a buyer. Once you return signed contracts the marketing will likely setlle down (and you will be locked in so to speak). Congrats!
0 votes Thank Flag Link Fri Feb 15, 2013
Go take another look at the house. Chances are this Open House may have already been scheduled.
0 votes Thank Flag Link Fri Feb 15, 2013
My offer was accepted through email, contract has not arrived at my lawyer's office as of yet.
0 votes Thank Flag Link Fri Feb 15, 2013
Make sure you have a sign contract and hopefully you have giving them the ernest money check.
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.
0 votes Thank Flag Link Fri Feb 15, 2013
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