How does this work?

Now that our offer has been accepted...can they still show the house? Can they accept another offer higher than ours? We plan to get our inspection in ASAP so we can go into contract but until then we're open to any of that happening, right?

Re: How does this work?

Unfortuantely, yes you are.

Re: How does this work?

Yes

Re: How does this work?

Yup! unfortunately you need to get into contract I believe to be more secure.

Re: How does this work?

anything can happen until both parties sign the contract. So right now they can show the house as much as they want and accept any offers.

our seller even had an open house.

Re: How does this work?

They can show the house and yes accept another offer. Just happened to us this weekend. We were in the FINAL phase of the process the lawyers were doing their due dilligence which by the way is a process in itself and they accepted another offer. We had our mortgage all lined up and even closed out some CD's for the deposit.

Re: How does this work?

yes, have the inspection then meet with your lawyer ASAP to go over the contract. I have a great lawyer if you need a recommendation.

Re: How does this work?

Yes, most sellers and their realtors will continue to show the house until the contract is fully signed. That's why I always tell buyers to move forward asap once their offer gets accepted (which is why it helps to have your home inspector and attorney selected ahead of time, so you are ready to contact everyone and get things in motion once you make an offer).

BUT - The real estate office WILL tell realtor who calls to check the status or schedule a showing that the house has an accepted offer (and later, that the engineer has been in, the contract's half signed, etc.). And many times, that will deter the realtor from scheduling a showing. Most buyers don't want to get into a bidding war, and the realtors don't want to waste time.

Re: How does this work?

Thanks, Christine! I hope you are right and people stay away...I know our accepted offer was less than she wanted to sell for (but accepted because she feels its time to move on) so I don't want anyone coming in and bidding higher!!

Re: How does this work?

I'll keep my fingers crossed for you. Sometimes, it's not just all about money --

If it makes you feel better, I just closed a deal last Monday in which I had the buyers. I found out from the listing agent (who is with another company) that the day my buyers did their home inspection, people who had previously made an offer (and then disappeared when negotiations stalled) came back and outbid my people by $5K. The listing agent convinced the sellers (who also had wanted more for their home than they agreed to take from my buyers) to stick with my buyers, who were financially solid and ready to move forward, and who really liked the house. She told them that, for $5K, why jeopardize a deal with solid buyers for those who had flaked out before and might disappear again once they knocked my people out (my buyers were NOT going higher). And the sellers liked my buyers and saw they were moving forward (we scheduled the home inspection right away, got the lawyers talking, etc.). So it all worked out for them, despite someone coming in with a better (bottom-line dollars-wise) offer!

Think positive, and keep us posted!