Q: Receiving another offer after accepting a contingent offer?
If a buyer makes an offer on a home that is contingent on selling their existing home and the seller accepts the offer, but then receives a second offer can they accept the second offer? If so, what happens with the buyer who had the first accepted contingent offer?
A: It depends on the specific language of the contract, and the duration of the contingency periods you describe. That being the case, I recommend you ask the attorney that is representing you in this matter, as he or she is most familiar with the transaction and is in the best position to provide you with a comprehensive answer. If you are not yet represented by an attorney, I highly suggest you hire one immediately. Many of us represent buyers and sellers in real estate transactions for an incredibly small fee considering the value we can add to such a transaction when serving as a resource to protect your interest and ensure your transaction is closed smoothly.
Tim Akpinar agrees with this answer
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