Home Buying in 11432>Question Details

Np, Home Buyer in 11432

Is it possible for a bank to consider other offers AFTER they have "accepted" an offer and mls listing shows the house sale is pending?

Asked by Np, 11432 Thu Sep 10, 2009

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The bank could accept an offer as a back up offer. However if you have a fully executed contract, the liklihood of this happening is slim. Most Realtors do not like writing back up offers because the risks of it actually becoming a contract are not good. If you have a fully executed contract and perform according to thhat contract you should be a homeowner soon.
0 votes Thank Flag Link Fri Sep 11, 2009
You must first ascertain what "pending" means. If the bank is currently evaluating a fully executed contract (signed by both the buyer and seller), that contract would more than likely have to be voided before the bank could review another offer. If there is merely a "first accepted offer" without a formal contract being signed, then the bank could review other offers. If you are not currently working with a buyer's agent, I would be happy to discuss representing you in any transaction. If you have any further questions, please feel free to contact me.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Fri Sep 11, 2009
If the contract has been "fully executed", meaning both parties have signed the contract and it has been "delivered" to the buyer, It would likely be breach of contract for the bank to "back out" simply to accept a higher offer. If someone were to induce a party to breach their contract with another- that might constitute Tortious interference with a contract.

Patrick has given you sound advice: "If however, the first contract is still in attorney review then it is possible for another offer to knock out the first offer." Generally, the attorney review clause allows the contract to be rescinded for any given reason. However, "attorney review" is typically only a few days or so. All the best.

Disclaimer:
I am a real estate broker, but I am not your real estate broker. I am an attorney, but I am not your attorney. Therefore, I do not owe you a fiduciary duty, and no attorney-client relationship has been formed. You should verify any and all information provided to you. - A few minutes ago
Web Reference: http://www.rlvaughnlaw.com
0 votes Thank Flag Link Thu Sep 10, 2009
Technically all offers can be submitted up until the time of closing. If the first contract is past attorney review and all contingencies have been met, then any other offer would be a back up offer. Should something happen with the first offer then the backup offers move up. If however, the first contract is still in attorney review then it is possible for another offer to knock out the first offer.
0 votes Thank Flag Link Thu Sep 10, 2009
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