Judy, Home Buyer in Stephens County, GA

can a second contract on a house be denied if someone else already signed a contract?

Asked by Judy, Stephens County, GA Sun Oct 11, 2009

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Judy yes a second contract can and must be denied if there is already a signed contract on the house. The signed contract is a commitment to sell the property and the seller can not sell the property to two people at the same time!
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Sun Oct 11, 2009
Hi Judy,

If a contract has already been accepted on a property then that contract must be followed through with. The seller can however negotiate and come to terms with a "Back-Up" contract that would be in effect should the first contract fail to close. This is not a very good strategy for a buyer as a buyer has no certainty that they will even have an opportunity to close on the property while they are investing time and money for inspections, appraisal etc. Hope this helps.
0 votes Thank Flag Link Sun Oct 11, 2009
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