Home Selling in Chicago>Question Details

Rand McNally, Home Seller in Chicago, IL

Options for receiving other offers while your home is under contract?

Asked by Rand McNally, Chicago, IL Fri Jul 3, 2009

I have a contract on a home that I am planning on accepting this morning. The contract is a bit lower than Iwould like, but in this market, it may be the best I get. The contract is contingent upon attorney review and financing. However, I have still been receiving calls about my home. Can I continue to show my home, and if someone makes a better offer, what are my options with my existing contract?

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Kipp's answer is enlightening. As a buyer's agent, once we reach a deal on the phone I press for a signed contract to avoid this very "delay a day or two situation". I basically will know right away if there is an issue with the contract absent unusual circumstances like the seller is in South America. So then I am forced to tell my client something smells funny and then that sets the tone for the rest of the deal. The other practical concern is the offer itself usually expires after a day or two without your signature. So now you are at risk that the buyer walks away or has a second home in mind.

My opinion is keep showing your home, as your agent has 72 hours before the listing status has to change to "contingent: which ends most showing chances for all practical purposes. If you get lucky and there is a better offer, you can try to cancel the deal by objecting to all the buyer requests in attorney review. The window for this is narrow (assuming the buyer's agent demands a signed contract and also confirms the listing designation change), so good luck!
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Fri Jul 3, 2009
If I were you I'd delay for a day or two if you think you might get another offer. Are you getting several calls per week? If so, you must be priced very well.

If you need to move forward right away, keep showing it and see if you can get a backup offer. What do you know about your buyer? Are they solid buyers with a pre-approval? What are the financing terms? There's a lot to consider. If you play you're cards right you should be able to get your buyer to increase their offer BEFORE you sign...
0 votes Thank Flag Link Fri Jul 3, 2009
Greetings from Florida

In my state it is customary and expected to take "Back-Up Offers"...
as a matter of fact, it is Highly Encouraged.

In this current market, don't let any potential Buyer get away!
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If you have a Listing Agreement with a Real Estate Broker, ask them.

If not, you need to see what your Contract says.

If you are not certain, ask a Real Estate Attorney.

Best wishes,
Fred
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0 votes Thank Flag Link Fri Jul 3, 2009
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