Q: If an offer is made on property in writing, is it binding, or can you back out on it?
Or can the seller accept another offer made after yours?
A:
In answer to the first question, yes, the person who made the offer can back out so long as the owner has not accepted the offer, in writing, Before acceptance, the offer can be withdrawn at any time, for any reason, or for no reason.
The second question is slightly more difficult. The answer is probably yes, the owner can accept another offer made after yours. If the property was listed for sale with a broker the laws governing real estate brokers and agents come into play, and you will need to consult a competent real estate attorney to get a definitive answer.
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