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Lisa, Other/Just Looking in Cushing, MN

Can a seller accept a better offer AFTER a purchase agreement is signed and earnest money is deposited?

Asked by Lisa, Cushing, MN Sun Jul 13, 2008

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4
Lisa
I do not practice in your area (disclaimer)

The purchase contract is pretty much a buyer-favored document. A couple of points (and you have some great posts so far).
1. Just because the offer is higher does not mean it is better. Ask your Realtor to explains the terms and conditions.
2. Try to get a back up offer. That means if the first buyer cannot perform for anyway, or let's say there is a problem with the physical inspection, and they want a new roof, and you don't want to give it to them, you might have more influence for your Realtor to say "I'have another buyer that is in the wings, ready to sign, for a higher price. The seller suggests you accept the report, or we will cancel the escrow and take the other offer. The grounds for cancellation would be if the buyer does not agree to no new roof, then the first contract could not proceed.

Hope this helps. Ask your Realtor or an attorney if you need help.
0 votes Thank Flag Link Sun Jul 13, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Lisa..... If you have a contract and there are no contingencies on the table, seller can only accept "backup offers" in case something should happen and the first contract fails. Talk to your realtor and if you are purchasing this property without a realtor, seek the advice of a real estate attorney.
Web Reference: http://www.YvonneBaker.com
0 votes Thank Flag Link Sun Jul 13, 2008
In CA, if the contract is signed and agreed by both parties (with no unsigned more counters, addendum's hanging there), and escrow opened, the seller can only accept back up offers. The first one is still the primary buyer and will only fall out with proper notifications if one part does not live up to the contractual terms.

Sylvia
0 votes Thank Flag Link Sun Jul 13, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
No! But they can accept a "back up" offer in case the first offer falls thru ie, cant get financing (very possible) fial inspection etc etc
0 votes Thank Flag Link Sun Jul 13, 2008
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