Yesterday I wrote about a happy clause inthe CAR contract, today is a sad clause for my buyer. She wrote an offer and got a counter. The counter gave her 3 days to respond, so naturally she thought she was protected and that no one else could have an offer accepted during that time period on this Menlo Park home.
Paragraph 2 of the California Purchase Contract sayd that the seller has the right to market the property and accept any other offer during the time period that the counter offer is valid.
So, while my client is hemming and hawing, and thinking very carefully about a five thousand dollar difference, someone else could make a higher offer and get the property. Every buyer must decide carefully about what they are willing and able to pay for a home, just as every seller needs to decide carefully and without pressure how much they are willing to accept for their home. But, the buyers must know that there is always a risk that they may lose out by taking their time and be ok with that. Same goes for the seller. they should make the decision carefully, but must understand that during that time period the buyer may find a different home they like better.
If you have any questions about buying or selling a home in Santa Clara or San Mateo County please feel free to contact me.