Home Buying in 48180>Question Details

Susan, Home Buyer in Waterford, WI

When does an offer become a 'contract'. i.e., the buyer can not accept any other offers?

Asked by Susan, Waterford, WI Tue Jan 22, 2013

Help the community by answering this question:


Hi Susan,

You have a legally binding contract once all parties (buyers and sellers) have signed the contract/offer.

Shanna Rogers
SR Realty
1 vote Thank Flag Link Tue Jan 22, 2013
Once seller signs the offer and all terms are accepted it is a contract.
1 vote Thank Flag Link Tue Jan 22, 2013
Thank you!
Flag Tue Jan 22, 2013
in a nutshell: A contract requires signatures of the parties, and communication of acceptance from the party accepting the offer/counter to the party who made it.
0 votes Thank Flag Link Tue Jan 22, 2013
Once the seller's and buyer's signs a contract, it becomes legally binding. If you have chosen to proceed with a private home inspection and find issues during the inspection that you do not want to handle or is more than you anticipated, then you have only the amount of days written in your contract to put in writing to the seller that you are dissatisfied with your inspection and want to be mutually released from the contract with full earnest money or good faith money returned in full.

I can be contacted at 734-564-7471

Francine Willingham
Willingham Real Estate
0 votes Thank Flag Link Tue Jan 22, 2013
Are submitting OFFERS on multiple houses, and waiting to see which one is accepted?
Are you submitting multiple offers without a Reator representing you?
It sure sounds like it.

If you submit an OFFER and the Seller sends it back, signed; you have just made a CONTRACT.
0 votes Thank Flag Link Tue Jan 22, 2013
"It sure sounds like it" ....?? How presumptuous of you! I basically wanted to know when I don't have to worry that someone else can bump my offer. How you presumed I was going around town, unrepresented, throwing offers all around makes me wonder how you have VIP status on this site. Get over yourself!
Flag Tue Jan 22, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer