The question came up “Can I get out of this contract to accept a higher one?”. Sometimes people think that accepting an offer is the end of the stress? Well it’s not. What happens if another offer comes in and it’s higher than the one that you accepted? You get upset, you want to cancel the first contract and accept the higher one, you blame your real estate agent and are just generally unhappy. It happens more than you would think, especially in today’s market. So what does this mean? Can you just get out of the contract and accept the higher one?
The very short answer is no!! As a seller, once you accept an offer, you are officially under contract. At this point, you have an obligation to hold up your end of the contract and so does the buyer. There are contingencies in the contract that must be met, for example Due Diligence, Escrow Deposit, Finance Commit. If the buyer breaches portions of their obligations, then you have some recourse and would need to seek advice from your real estate agent and attorney,
Remember this, there is no assurance or insurance that a higher offer, lower offer, no offers or several other offers will come in after you accept an offer. In today’s market, it is becoming increasingly more common for other offers to come in after you accept an offer. Sometimes the other buyer’s agent is just “Throwing A Hail Mary” to see if there is a chance that you didn’t accept an offer and will submit one. But this doesn’t give you the blanket ability to just back out of the contract.Â
Overall, switching to a higher offer after you’ve already accepted one isn’t something experts recommend—it’s unpleasant, unethical, and could even land you in legal hot water. Make sure to seek advice from your Realtor AND attorney if this scenario happens to you.
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