Home Buying in Belleville>Question Details

Pat, Home Buyer in Belleville, IL

When is an accepted offer legally binding?

Asked by Pat, Belleville, IL Wed Dec 10, 2008

I recently made an offer on a house, through my buyers agent, and it was accepted. However, there was a pending contingency offer from another buyer. While waiting to see if this other offer was going to be accepted, I found another house and wanted to make an offer on it. My agent informed me that I couldn't, because if the other buyers contingency bid fell through, I'd be legally bound to my offer on the first house.
Can this possibly be true? Are my hands tied because a seller accepted my offer in the event that his first offer fell through? Thank you.

Help the community by answering this question:

Answers

1
Hi Pat - You should be able to simply withdraw your offer to buy the property. If you are under contract pending the release of a contingency you are not bound to wait forever on the release. Tell your agent to fill out a release form and fax over to the seller. Hope this helps,

Randall Sandin
Carolina One Real Estate
Charleston, SC
843-209-9667
rsandin@carolinaone.com
0 votes Thank Flag Link Thu Dec 11, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer