Once there is a verbal acceptance of an offer and an inspection done, can another offer be taken?

Asked by Slamura51, Southold, NY Wed Apr 3, 2013

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7
Gail Gladsto…, Agent, 11743, NY
Wed Apr 3, 2013
Yes, offers will be heard until contract is signed.

It is always nice if the seller (seller's agent) provides an opportunity to have a "best and final" bid. It is even nicer if the seller offers to reimburse your costs if they take the other offer, but there is no way, to my knowledge, to enforce that.
1 vote
Thomas Moser, Agent, East Northport, NY
Wed Apr 3, 2013
The seller can accept another offer during the period between acceptance and contract. Just as you are free to walk away. That being said, it really depends upon the seller. Some feel a strong obligation to the buyer once they have accepted and offer. Others will throw you over for a nickel. Sometimes, when the seller accepts a different offer after the inspection has been completed, I can convince them to reimburse the buyer for the cost of the inspection, although they are not obligated to do so.
1 vote
William Rugen, Agent, Holbrook, NY
Wed Apr 3, 2013
Yes offers can still be submitted and accepted even if another offer is verbally accepted. Sellers need to protect themselves in case the purchaser backs out. I'm sure you're very upset over this but it's important to understand the perspective of the sellers. Also, are you sure that they are going with the other offer or is there a chance for you to either match or exceed their offer?
1 vote
Anna M Brocco, Agent, Williston Park, NY
Wed Apr 3, 2013
Verbal really means nothing; unfortunately until an executed contract exists, signed by all parties and deposit money is exchanged, the seller is free to do as he/she wishes; therefore it's always in the buyers best interest to sign the contract right after inspection; any inspection issues should also be resolved as quickly as possible.
1 vote
Will Roan, Agent, Henderson, NV
Thu Apr 4, 2013
Verbal is exactly what it means, people change their minds especially when it comes to money.
If the seller(s) are good and honest people they will not entertain another offer or allow anymore showings of the home during the due diligence period. If the seller(s) agent feels in their professional opinion that the deal is shaky he or she may discuss that with the seller(s) and suggest that they continue to show the property. The inspection(s) are a buyer expense which the buyers know are not refundable. As Javier mentioned in a previous posting and Gale only a fully executed contract is a true binding agreement. Always get things in writing 1st and then being your due diligence period.
A good agent will advise you accordingly.

Feel free to ask any questions about your experiences we are here to help.
0 votes
Will Roan, Agent, Henderson, NV
Thu Apr 4, 2013
Verbal is exactly what it means, people change their minds especially when it comes to money.
If the seller(s) are good and honest people they will not entertain another offer or allow anymore showings of the home during the due diligence period. If the seller(s) agent feels in their professional opinion that the deal is shaky he or she may discuss that with the seller(s) and suggest that they continue to show the property. The inspection(s) are a buyer expense which the buyers know are not refundable. As Javier mentioned in a previous posting and Gale only a fully executed contract is a true binding agreement. Always get things in writing 1st and then being your due diligence period.
A good agent will advise you accordingly.

Feel free to ask any questions about your experiences we are here to help.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Apr 3, 2013
Absolutely. In fact, a seller can have you sign contracts and accept another offer right before they execute their end. Verbal acceptance of offers does not guarrantee you a deal. You need to make sure that both you as the buyer and the seller fully execute the contract of sale. Until then, you have no deal!

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Javier Meneses
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STERLING NATIONAL BANK
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Woodbury, NY 11797
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0 votes
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