Chicago, IL asked in Real Estate Law and Contracts for Illinois

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?

Related Topics:
1 Lawyer Answer
Steve McCann
Steve McCann
  • Chicago, IL
  • Licensed in Illinois

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

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.