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Katie S | If I have an offer on my house that I'm negotiating (but no contract), can other potential buyers still look? |
I've been verbally going back and forth with the buyer's realtor, but in the meantime, other people are asking to come look at the house. Is it okay to let them look until the contract is signed? Also, should I tell those looking that there's a verbal offer--so that if they're interested, they can jump into the fun? |
 |
 
Marysue
|
They can come look until the day you close (that’s the last day you’ll own the house).
Key points here:
-until you have an accepted written contract, you are free to negotiate as many offers as you want.
-even after you get a contract, you are still free to accept a back-up offer. It just has to be made clear to the back-up that they can only buy the house IF the first sale doesn’t close
-if you’re working purely on a verbal basis right now, I do believe (please consult a lawyer in your state before you act) that if another buyer comes in with a written offer, you can accept it in spite of the verbal discussions – which generally aren’t legally recognized.
I would definately tell any other lookers that there's an interested party. |
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Steve D
 |
Yes, do not take the property off the market until you have a firm offer with earnest money. If there is a contingency on the offer (for example, sale of buyer's house), continue to show the house and let the offerer know that if someone comes in with a non-contingent offer at the bid or higher, they have 48 hours to remove the contingency or you will return the earnest money and cancel the contract.
Your agent should be able to explain all this - if you don't have an agent, see a real estate lawyer (you'll need one anyway) who can explain how to do all this. |
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sybbo
|
You can let them look even after you have a contract. Contracts can and do fall through all the time. You can even write a back-up contract if you want. However, don't let anybody in your house that isn't already approved for a loan. Ask for the documentation from the lender or Realtor.
Also, you can and probably should tell the other lookers that you have a potential buyer. It will give them a sense of urgency and might entice them to make a higher offer. That is what agents and brokers do. Still, lender-approved buyers only. |
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Doctor Deth
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verbal offers mean nothing - why didn't you insist on a sales agreement? you take a non-refundable deposit with the opening offer and then you negotiate price - Only written offers should be considered serious - otherwise, they could be yanking your chain and wasting your time |
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Sherry0
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until a contract is signed , anyone can look and offer a price on the house. You can let them know that there is an offer and that they can submit their own.You may get more that way.Without a contract there is no legal bind |
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bluegoat114
 |
Until there's a signed contract potential buyers can still look! Sure, tell them you are negotiating one, you may get another better offer! It only takes one buyer to sell a house! Good luck! |
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Brian A
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Sure. You can even have other people come look at the house while it is under contract. Breaking an existing contract or having two at once would get you into some trouble though. |
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Walking on Sunshine
 |
Absolutely - the more interest the better your final price should be. Good Luck! |
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vivicabowles
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You don;t have any legal responsibility to any prospective buyers untill it is in writing. You don't know for sure if they are going to buy your home, so you must still look for others that may be interested. If someone else decides to buy your home, then to bad for the other folks.
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Toto
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Yes, you can always have others look at your home as a back-up. I would let them know that you have someone that is really interested in your home and you may receive a contract on it shortly. No need to mention "verbal offer" since nothing is in writing. If that "verbal offer" falls through you could have other interested people ready to make an offer. Once you have a signed offer to purchase, others can look but you MUST disclose that there is a pending offer. |
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infinite crisis 247
 |
sure. you can do whatever you want until there is a signed contract between the buyer and the seller. you can have people come and look at the house if there is a contract as well, as things can fall through. however, you have to let the buyers know that the home is under contract and you cannot accept another offer, once the home is under contract. that would represent a breach, and you could be sued. |
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