backup offer

Asked by M, Ohio Sat Apr 19, 2008

I have a home for sale where I accepted an intial offer from buyer #1. It is a low offer but we really need to sell the house and accepted taking a loss on the home. Buyer #1 recently had the inspection done and is coming back with things we need to fix for the deal to go through. In the meantime, we have received a backup offer from buyer #2 on the home that is significantly more than the original offer. Can I back-out of the original contract with buyer #1 and accept buyer #2's offer based on the fact that buyer #1 has requested items to be fixed due to the inspection?

I realize that these same inspection items will most likely need to be addressed with buyer #2, but we can afford to take care of the issues knowing that we'll still be in a positive equity situation when the home sells to buyer #2.

We listed through a discount listing agent and are not getting much help here. Any advice would be much appreciated.

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7
tom roberts, Agent, powell, OH
Wed May 7, 2008
M,Depending on time frame of contract(should be noted in contract for remedy)or option if your still in time frame,is sign form saying your not going to fix any of request,buyer either accepts that or walks.But you really should'nt of had to be asking this ? Good Luck

TJ
Web Reference:  http://tjroberts.remax.com
0 votes
J R, , New York, NY
Tue Apr 22, 2008
You do not have to agree to complete the repairs. Just refuse to to the repairs, and Buyer #1 will most likely request a release of contract. Then you will be free to work with Buyer #2.
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Assuming buyer #2 is real. Take heed of Steve's answer, below this one.
0 votes
Steve Kelley, Agent, Georgetown, TX
Tue Apr 22, 2008
It is unfortunate that people do not understand that discount realtors provide discount service. You are always taking a chance when you give up a sure thing. Until accepted, you only have an offer from #2, not a contract. be very careful throwing #1 under tha bus. Your backup may just go away and then you have no contract at all.
0 votes
Christina Ca…, Agent, Washington Township, OH
Sun Apr 20, 2008
You do not have to agree to complete the repairs. Just refuse to to the repairs, and Buyer #1 will most likely request a release of contract. Then you will be free to work with Buyer #2. If you have anymore questions, then please let me know. I'd be happy to help!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
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Web Reference:  http://www.teamedwards.info
0 votes
J R, , New York, NY
Sat Apr 19, 2008
I don't know about real estate in Ohio, and I hope I don't invoke anyone's wrath by answering this, but in NY unless both sides have signed the contract, the seller is free to accept any offer they want. We don't sign contracts till after the inspection.
0 votes
David M. Chi…, Agent, Uniontown, OH
Sat Apr 19, 2008
The best way out of the original offer is to say no to any repairs and that the sale of the home is "as is" at his low price, and hope he backs out for you. You need a release signed by the buyer and yourself to withdraw from the contract. People think they are getting a good deal from a "discount broker" and this is what happens. No one to help you when you need it the most! We do earn our money as this has happened to me and in all cases a solution was reached that both parties were happy about in the end. Good luck!
Web Reference:  http://www.liveinakron.com
0 votes
Keith Sorem, Agent, Glendale, CA
Sat Apr 19, 2008
M
It all depends on how the contract is written. I do not practice real estate in Ohio.
Normally if you refuse to make the repairs then the buyer has two options. Proceed with the escrow or cancel it.
You can clearly see that selling a home is not the challenge, it is negotiating, and that's where a full service Realtor earns their money.
Good luck.
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