Nwilliams, Home Seller in 75010

Can a seller have more than one contract on his property at one time in TX?

Asked by Nwilliams, 75010 Thu Jan 20, 2011

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12
Mike McClusk…, Both Buyer And Seller, Carrollton, TX
Sun Aug 18, 2013
Yes. You can have backups.
1 vote
Don Groff, Agent, Austin, TX
Thu Jan 20, 2011
You would only have one contract but there could be one or more backup contracts in place in the event the first executed contract terminates for any reason.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
1 vote
Dallas Texas, Agent, Dallas, TN
Thu Jan 20, 2011
Your buyers agent should be assisting you with the question. It all depends EXAMPLE: Short sale and foreclosure YES bank COULD have mulit offers.

If an individual property owner ONCE they have an executed contract registered in title. They can accept back up offers JUST incase 1st offer falls through

Many more questions need answers prior to rendering an opinion on behalf of any party

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote
Michael Brow…, Agent, Allen, TX
Mon Jul 8, 2013
addtionally, there can only be one back-up offer, not multiple back-ups.
0 votes
Michael Brow…, Agent, Allen, TX
Mon Jul 8, 2013
Yes, if it is a back-up contract; however, sellers usually have only one primary contract on their home. Keep in mind that they can have several "offers" on their home at one time. Some people, without knowing any better, call offers "contracts."
0 votes
Blaser Yoakum…, Agent, Southlake, TX
Thu Jan 20, 2011
The answers below are quite interesting. Some think yes, some think no. I guess this goes to show that real estate can be very complicated and therefore a REALTOR is needed in all real estate transaction. What I thought was interesting as I was reading through the answers is.....they are all right. Short sales/foreclosures are very different than a "owner" sale. And then Relocation properties are even another situation all it's own. Multiple offers are always great, but to actually have 2 executed contracts on a home could be a very sticky situation indeed!

Hope you all have a great selling season and to Mwilliams-- home seller --I hope you have a great realtor to walk you through the maze of the real estate transaction!

Happy selling!
Web Reference:  http://www.blaseryoakum.com
0 votes
Phil Rotondo, Agent, Melbourne, FL
Thu Jan 20, 2011
In Texas or anywhere else; 1 executed contract at one time.
All other contracts in back-up position (if allowable) just in case the primary fails to come to fruition.
Web Reference:  http://www.321property.com
0 votes
Dp2, , Virginia
Thu Jan 20, 2011
Lynn is correct: I've also seen some lenders write into their purchase agreements or addenda that they can accept multiple offers. Actually, this doesn't only apply in TX (where I invest in DFW), it also applies nationwide.

On a side note, I've also seen some (non-bank) sellers for commercial properties in TX (and NYC for that matter) write into their purchase agreements or addenda that they could accept multiple offers.

Keep in mind that the sellers who do this usually are also working with a real-estate attorney.
0 votes
Greg Fowler, Agent, Dallas, TX
Thu Jan 20, 2011
Bruce is exactly right. There can be one contract in first place and one back up contract.

As a listing agent, it is always my objective to attract multiple offers on a property. This creates a bidding war environment. When I receive the first offer, I will call other agents who have expressed interest in the property and let them know that we have received an offer. My hope is that it will move their client to action to also submit an offer. If we can get two or more in play at the same time, the outcome is usually better for the Seller.

As a Buyers agent, I extend offers that ask for a very quick response to keep the above scenario from happening. If my Buyers offer is the only offer in play, that tends to make the negotiation go better for the Buyer.

But at the end of the negotiations, there is only one contract that will get fully executed. The other party may wish to enter into a back-up position. If the first contract does not close, the back-up contract immediately moves into first place without the property going back to market.

If you have any further questions, please feel free to give me a call.

Greg Fowler
Keller Williams Dallas City Center
214-215-8097
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Jan 20, 2011
I have seen many deals with a backup contract.
I would defer to Bruce below since he is a realtor.

But I have seen this many times.
0 votes
Steven Babco…, Agent, Denton, TX
Thu Jan 20, 2011
The answer, simply put, is no. You may have multiple offers on the same home. But not contracts
Web Reference:  http://Www.stevebabcock.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Thu Jan 20, 2011
It is called a backup contract, and has to be specifically written that way.
One is in 1st position.
One is in 2nd position.
If #1 goes away, can't close and terminates for whatever reason, #2 could then move up to #1.

Otherwise you don't want two good contracts on the same property at the same time. What happens if both want to close? Seller would be in big trouble.

Hope that makes sense.
Web Reference:  http://www.teamlynn.com
0 votes
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