Open Houses After Accepted Offer
My offer was recently accepted and we’ve begun the process of going into contract. The seller is having two open houses for the property on both Saturday and Sunday. Is it normal for a seller who has accepted an offer to continue showing the property? Two open houses seems aggressive – my fear is that…
My offer was recently accepted and we’ve begun the process of going into contract. The seller is having two open houses for the property on both Saturday and Sunday. Is it normal for a seller who has accepted an offer to continue showing the property? Two open houses seems aggressive – my fear is that they’re hoping that they will get either a higher offer or an offer that is close to my final accepted bid so that they can have a bidding war. Do I have any rights before we enter contract because of the verbal offer and acceptance or do I just have to cross my fingers and hope a higher offer does not come in before we go into contract? Would appreciate any insight, especially from experience.
Thanks all!
IF you offered to sign a contract or have delivered a signed contract to them for their signature AND they have refused to sign it and send it back to you (and are “shopping” your offer) … tell them that unless they sign and return your contract BEFORE the open houses, you will withdraw your offer and never re-bid.
If they feel they have your offer “in their back pocket” as a backup bid, why wouldn’t they try to get a better/higher offer?
You have to introduce some RISK that they may lose something (your offer) by playing the odds.
If you haven’t signed (or offered to sign) the contract yet or are still negotiating points, I agree with the other posters.
This is NYC real estate … if they’re playing hardball … you gotta’ be able to do the same.
Yup, gs3. Perfectly legal until it comes back to the seller who then has to sign only one. I once bid on something where the seller distributed contracts and said the first one to submit a signed copy for X amount gets the house. I walked.
***Bid half off peak comps***
I am hearing about more than one contract going out and being signed.
Does anyone know if this is legal?
Exactly until a check is deposited is when both parties can feel safe that the deal is moving ahead accordingly and neither party will pull out because something better came along!
Cross your fingers. Did you completely stop looking at other houses? They’d feel the same way if you didn’t. One rule: Protect your own neck. You have NOTHING without an active contract and in some cases, NOTHING with one (accepted bid above appraisal, etc.).
***Bid half off peak comps***
Johnny – but a seller might (and probably should) schedule additional open houses until the contract is signed.
seller’s attorney putting your deposit check into the escrow account (ie you see your deposit check cashed / deposited) – that’s when you can feel confident it’s in contract. Then comes the financing hurdle to clear
What the first three posters said. They would be crazy in this market to stop showing the place without a signed contract!
Not to mention, you’re paying the lazy ass realtor TENS of THOUSANDS of dollars… it doesn’t hurt to make them work a little extra. At least make it seem like they earned their money. 🙂