If I accept an offer with a contingency (buyer has to see their house), and later I receive an offer with no contingency, can I accept the 2nd offer?

Asked by Brent Rahn, Columbia, MO Mon Apr 29, 2013

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Laura Feghali, Agent, Stamford, CT
Mon Apr 29, 2013
Hi Brent,
To respond to your reply to my answer; yes, you would need some type of language in the sale's agreement that states that you may still continue to show your home for sale and consider other offers. And, as Lior says in his response, that as a courtesy to the first buyers you should let them know once you receive another offer to see if they can at least match the price and the terms. Then select the offer that best meets your desires.

Good luck!

Laura Feghali
Prudential Connecticut Realty
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Apr 29, 2013
Consult with your attorney for any necessary legal information. Until an executed contract is in place, signed by all parties and deposit money is exchanged, you are free to choose/accept whatever offer you wish...
0 votes
Hak Bin Ahn, Agent, Bayside, NY
Mon Apr 29, 2013
As long as you have not signed a contract then you are not binding so you can accept the 2nd offer
and let the original buyer know that you have better terms with another buyer and out of respect if you will at least match it. But that's up to you on what you would want or request.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Apr 29, 2013
ps my answer assumes you did not sign anything yet!

If you did - I certainly hope there is verbiage that addresses this
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Apr 29, 2013
If a buyer has "to sell" their home before they can buy yours - that means they first have to secure a buyer - negotiate - obtain an offer - then go through the process of home inspections, further negotiations..... and perhaps a 30+ day period of time for their buyers to be approved for a loan..........that's weeks, maybe months, down the road before you will have a solid deal with them......

Why not tell these "not-quite-ready-to-buy-yet- buyers to come back when they are able to make a bonafide offer minus that kind of contingency?

It will be cleaner and neater to do that, rather than trying to create a contract giving you an out, or them the right of first refusal, or however you want to state it.
In the meantime, you can be open and available for a real buyer who can move forward now, not later!
If they sell their house, and don't have any contingencies on that sale, then let them come back to you.

If you have an agent, please defer to his or her advice!

Best wishes....
0 votes
Dario Mendig…, Agent, Jackson Heights, NY
Mon Apr 29, 2013
If you had accepted the offer in writing is not advisable... if you accepted verbally go ahead with the 2nd offer... just ask your attorney for more advice...
0 votes
Lior Politi, Agent, New York, NY
Mon Apr 29, 2013
You are not legally bound to an accepted offer. You can give the first buyer the courtesy of matching the second offer whether it is price or any contingencies, etc. For obvious reasons, you should chose the offer that is most attractive to you with with its terms.
0 votes
Laura Feghali, Agent, Stamford, CT
Mon Apr 29, 2013
Hello Brent,
What does your agreement state with the buyer about continuing to show your home and entertaining other offers? There should be some type of wording regarding this on the agreement.
Are you working with a real estate agent to sell your home and if so, what does he say?

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes
Laura, I am not working with an agent. So I need to make sure the agreement with offer number 1 contains some language that keeps me, the seller, open to accept 'better' offers. Is that correct?
Flag Mon Apr 29, 2013
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