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.

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Randall Sand…, Agent, Charleston, SC
Thu Dec 11, 2008
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
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