Seller Can Entertain Multiple Offers

Real Estate Broker/Owner with Real Living Premier

The first and last thing to remember when buying a home is that verbal agreements do not hold water.  Until your purchase offer is signed by the seller (s), and their signed acceptance is presented to your agent and/or you, the seller can entertain and even accept another offer.

Once you have a binding contract, the seller is usually obligated to sell the home to you, unless you both agree to cancel.  But the seller is under no such obligation during the negotiating process unless there is a contract.

To avoid disappointment, keep in close contact with your agent until the agreement is signed, sealed, and delivered.

Comments (2)

Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
Unfortunately we don't see too many multiple offer situations right now.  Back in 2005, it seemed like multiple offers was the norm rather than the exception.
Apr 25, 2008 04:11 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
If multiple offers come in, the listing agent should notify all the buyers agents who have submitted offers.  That way their buyers have a chance to submit a revised offer if they so desire.
Apr 25, 2008 04:19 AM