Contract race?
I have an accepted offer on an apt. However, there was a previous accepted offer which is taking a while to get the contract signed becaused they are apparently nitpicking (this is according to the broker). So now it seems I’m in a race to sign a contract before them. Assuming the other offer actually…
I have an accepted offer on an apt. However, there was a previous accepted offer which is taking a while to get the contract signed becaused they are apparently nitpicking (this is according to the broker). So now it seems I’m in a race to sign a contract before them. Assuming the other offer actually exists, can the seller choose me over the other offer even if they sign before me? According to the broker, we are the more attractive offer. I really appreciate any input on this. Thanks everyone.
So basically, if the other people sign their contract first, the seller can still wait for us if he likes our offer better?
I’d proceed with caution here.
Legally, it don’t mean a thing until there’s money in escrow.
So technically, yes: they could sign a contract with Mr B right this second and both of you dilly dallying buyers would be out of luck. Nonetheless, think about the scenario here.
It is possible that there’s another buyer who is getting petty and the sellers have said to them, “Look, sign or move on. We’re done negotiating.” Or maybe there’s another buyer who has legitimate concerns and doesn’t want to get trapped in a contract that, for whatever reason, they don’t think is fair or reflects the original offer negotiation. Or maybe the broker is straight up BS-ing you.
So no matter what, don’t let the broker rush you. If you want to nit pick, you should do that. Not to take the analogy too far but honestly, checking for nits is how you avoid getting a headful of lice. You’re making a big investment and you want to have an experienced real estate lawyer review the contract before you sign it.
Short answer is yes. In NYC, a contract is only valid when both sides have signed and the amount agreed is in escrow. So if your offer is better and you get your act together in a manner that tells the seller you are more likely to close, they will sign your contract.