Question about selling house to highest bidder

Asked by Ruger1776, Round Rock, TX Thu Apr 11, 2013

Our house is currently under contract. I know that in Texas the buyer has 8 days to break the contract. My question is we have an interested party that is willing to give us more money than the current buyer for our house. Can we break the contract with the current buyer to sell it to the other people that are offereing more?? Thanks!!

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10
Susie Kay, Agent, Dallas, TX
Sun Jun 16, 2013
No, you cannot. However, you can take a back up contract and let the first buyer know that you are taking back up contract. So if the first buyer requested a lot of repairs after inspection (including the smallest thing) you can pick which items that you would like to repair. Obviously you have to be reasonable, too, or you'll never sell you home.

Susie Kay, Realtor®
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0 votes
Oscar Sanchez, Agent, Dallas, TX
Mon Apr 15, 2013
No, But what you can do is take a back up offer, and work with the second offer keeping them abreast of the current offer. If the first offer asks for repairs or tries to negotiate on price say no thank you we have a back up offer. You can have you back up offer waive their option period to increase your demand. Talk to your agent, he/or she should be able to help. :)
0 votes
David Whites…, Agent, Dallas, TX
Thu Apr 11, 2013
You are pretty well locked in . The buyer can terminate during option. Not a lot you as a seller can do at this point. Be sure and keep contact info on other party as several things could happen such as financing fall through.
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Thu Apr 11, 2013
That is probably the Option Period in which the Buyer paid a fee to you to do inspections and things like that. If you are under contract with a Buyer only the Buyer can terminate the offer, NOT YOU. You really should talk with your Realtor and NOT US about this and any other questions you have.
0 votes
Linda Moreau…, Agent, Kingsland, TX
Thu Apr 11, 2013
I am curious about why you say that "...in Texas the buyer has 8 days to break the contract." Please share your answer with us. As to whether or not you can break the contract, that is a specificly legal question that should be answered only by an attorney, EVEN THOUGH, as brokers and agents, we believe we know that the answer is "no." Stick with what you got and be happy!
L. Moreau, Broker-Associate
RE/MAX Highland Lakes
Kingsland, TX
0 votes
Liz Renfro, Agent, Dallas, TX
Thu Apr 11, 2013
The higher offer can be a "Back up Offer" in the event the current buyer does back out during their option period. Your agent should be able to help you.

Liz Renfro
William Davis Realty
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Apr 11, 2013
Wow, glad it wasn't my client who put in an offer on your home.
0 votes
Dallas Home…, Agent, Dallas, TX
Thu Apr 11, 2013
That is a really question and we face this all the time. Unfortunately you can not break a contract once it is executed.

However once the buyer does the inspection, normally they request repairs to be made, you do not have to make the repairs and sometime buyer wants to terminate, in that case you can take another highier offer! Do you have an agent that represent you?

Thank you.
Mila
0 votes
Guy Gimenez, Agent, Manchaca, TX
Thu Apr 11, 2013
If you used the TREC or TAR contract, and absent language that you may have added into the contract to the contrary, you likely have no way to terminate the contract unless you can show the buyer has breached the contract in a material way.
0 votes
Elizabeth Mo…, Agent, McKinney Tx, TX
Thu Apr 11, 2013
This is a question for your Realtor. Read your contract. Once there is an executed contract the seller cannot opt out. The buyer would be able to demand you fulfill your agreement using the "specific performance" clause.
0 votes
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