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susan rap, Other/Just Looking in New York Mills, MN

if an owner counters an offer are they obligated to wait for a reply before entertaining another offer?

Asked by susan rap, New York Mills, MN Wed Feb 20, 2008

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It depends if your counter offer is verbal or in writing. If a buyer gives you a written offer, then you review it, make changes, initial your changes and give it back to the buyer, then you have to wait for the buyer's response.

The problem with entertaining another offer during this time is - say you get a second offer that is better, and you sign this 2nd deal (so it is an executed agreement of sale) and in the meantime, the buyers for the first offer accept your changes, initial them etc - now you have 2 executed agreements of sale - time to call your attorney.

I understand why people want to do this, but it never ends well. It is always best to treat people the way you would want to be treated.
1 vote Thank Flag Link Wed Feb 20, 2008
Not at all...they have no obligation to you until you both sign a contract. That's why it is always best to have your agent present your offer in person or at least make sure that you and your agent are in constant contact and you are ready with answers immediately so that you can quickly come to terms. The worst thing for a deal is too much down time.
1 vote Thank Flag Link Wed Feb 20, 2008
Not at all. I've been in this situation many times. I'd add that a buyer can put an offer in on more than one house at the same time, too.
0 votes Thank Flag Link Wed Feb 20, 2008
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