REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
If an individual property owner ONCE they have an executed contract registered in title. They can accept back up offers JUST incase 1st offer falls through
Many more questions need answers prior to rendering an opinion on behalf of any party
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Please let me know if I can help you further.
National Real Estate Consultant
Keller Williams Realty Allen
Mobile Phone: (972) 439-6827
Hope you all have a great selling season and to Mwilliams-- home seller --I hope you have a great realtor to walk you through the maze of the real estate transaction!
On a side note, I've also seen some (non-bank) sellers for commercial properties in TX (and NYC for that matter) write into their purchase agreements or addenda that they could accept multiple offers.
Keep in mind that the sellers who do this usually are also working with a real-estate attorney.
As a listing agent, it is always my objective to attract multiple offers on a property. This creates a bidding war environment. When I receive the first offer, I will call other agents who have expressed interest in the property and let them know that we have received an offer. My hope is that it will move their client to action to also submit an offer. If we can get two or more in play at the same time, the outcome is usually better for the Seller.
As a Buyers agent, I extend offers that ask for a very quick response to keep the above scenario from happening. If my Buyers offer is the only offer in play, that tends to make the negotiation go better for the Buyer.
But at the end of the negotiations, there is only one contract that will get fully executed. The other party may wish to enter into a back-up position. If the first contract does not close, the back-up contract immediately moves into first place without the property going back to market.
If you have any further questions, please feel free to give me a call.
Keller Williams Dallas City Center
One is in 1st position.
One is in 2nd position.
If #1 goes away, can't close and terminates for whatever reason, #2 could then move up to #1.
Otherwise you don't want two good contracts on the same property at the same time. What happens if both want to close? Seller would be in big trouble.
Hope that makes sense.