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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