Sure there is. You just put in writing that the house has a contract, but you will continue to show for backup offers only until your receive the mortgage commitment.
i have done this many times, usually till out of attorney review, sometimes until inspection contingency clause has beeen settled, and ocassionally till the mortgage commitment is received.
Bear in mind though, many buyers are not going to waste their time looking at your home while it already has a contract, nor are they willing to wait to see if their "back-up" offer will become the primary offer.
You CAN ask that the buyers get a mortgage pre-approval, rather than a pre-qualification, or even ask that the buyers get pre-approved/qualified through a bank/mortgage broker whom you trust for a little more peace of mind.
Most mortgage commitment dates (at least here in NJ) are in the contract, and are usually 30 days after contract signing, and typically the closing is another 30 days after that, so you should never hear 2 days before closing that the mortgage has been denied.
A listing agent, especially in this market, would be smart to continue to show a home that has an accepted offer until the mortgage committment comes through, for back up offers. We used to just wait until attorney review was complete, but now with lending requirements being more difficult, it's harder to get those committments. The Garden State MLS has recently added this status to listings, which is called: Under Contract, but Continue to Show. I know that it is a great inconvenience to have people trekking through your home, but it is in your best interest.
Realtor, Coldwell Banker
If you do this, exercise care. I have also seens situations in which a good deal, with a qualified buyer has gone bad because the buyer was so rattled by the property continuing to be shown.
Unwavering Commitment to Service, Unsurpassed Results
Please contact me directly if I can be of further assistance.
Judith Amorim Dias
On the MLS there is a U/S which means under contract continue to show. Your Realtor should have mentioned this to you. However, you cant sign 2 contracts. Speak to your attorney. And, good luck
Any good offer should be accompanied by a proof of funds for a cash buyer, or an approval letter (not pre-approval) from a lender, showing the buyer has already made a mortgage application and gotten approved for a specific amount. Your listing agent should specify on your listing in the MLS that either of these needs to accompany any offer.
If you are selling your property as a short sale, you can continue to market it in our MLS (of which St. Pete is now a member) under "active with contract" status, meaning you can accept back up offers until your lender approves your first offer and sales price.
David Barr, Broker Associate
It all depends on what the contract between the buyer and say but some sellers take what is called back up offers just in case the buyer does not get the mortgage.
This way, they have someone ready to go so time is not wasted on finding a new buyer that starts from scratch.