{"id":19643,"date":"2020-10-22T16:02:06","date_gmt":"2020-10-22T23:02:06","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=19643"},"modified":"2024-05-28T21:15:45","modified_gmt":"2024-05-29T04:15:45","slug":"can-seller-accept-another-offer-while-under-contract","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/can-seller-accept-another-offer-while-under-contract\/","title":{"rendered":"Can Seller Accept Another Offer While Under Contract? For Most Sellers, It\u2019s Tough Luck"},"content":{"rendered":"

Top-selling Atlanta-area real estate agent Glennda Baker<\/a> was ecstatic when her listing attracted an offer after only one day of being on the market. \u201cThese people had bid over the list price, and their financing was very strong,\u201d Baker recalls. Sounds like a seller\u2019s dream!<\/p>\n

The offer came with a tight deadline for the following day, so under pressure, Baker\u2019s seller client decided to go ahead and accept it. However, 24 hours later \u2014 and because the universe loves to play little jokes on us \u2014 the seller received a \u201csubstantially better offer\u201d than the one they signed a day earlier.<\/p>\n

This created a major dilemma that you, too, are wondering about: Can a seller accept another offer while under contract? As in, can you tell the first buyer: \u201cJust kidding!\u201d especially if you just accepted the offer recently?<\/p>\n

According to real estate attorneys, one of the top reasons sellers want to back out of their real estate contract<\/a> is because they\u2019ve received a higher offer. It\u2019s pretty common! Unfortunately in the world of real estate contracts, though, it\u2019s typically \u201cno take backs\u201d for the seller, even if a shinier offer comes along.<\/p>\n

That\u2019s why it\u2019s critical to know exactly what you\u2019re signing before you sign it. You also need to know your options for accepting backup offers when appropriate, and what happens if you get \u201clucky\u201d \u2014 i.e., the deal falls through with your original buyer for reasons outside your control. We\u2019ll cover it all in this guide (plus you\u2019ll find out what happened to that seller in Atlanta!)<\/p>\n

\"A<\/a>
<\/a> Source: (Robert Zunikoff \/ Unsplash)<\/figcaption><\/figure>\n

The binding nature of real estate contracts<\/h2>\n

Once a seller signs a purchase agreement, there\u2019s little to no chance of reversing that decision on a whim. The truth is: Purchase contracts favor the buyer heavily with little escape clauses called contingencies<\/a>. These loopholes essentially allow the buyer to back out of the deal without penalty if something goes wrong with home inspection<\/a>, the home appraisal<\/a>, or their own ability to get a mortgage<\/a>. No similar contingencies come standard on the seller\u2019s side.<\/p>\n

Backing out of a signed real estate contract for the seller<\/a> is decidedly more complicated. If a seller wants to void the contract for any reason, they could face one or more of the following:<\/p>\n