Can Sellers Agent Present Offers After An Offer Is Signed

Dated: 08/12/2016

Views: 108

Q: Can seller's agent present/seller accept a higher offer after both parties sign the binder?

A: stamford26,

Great question... and @wetdawgs provided a good answer... with one important detail missing. A contract requires:

  1. A meeting of the minds

  2. An exchange of something valuable


A meeting of the minds is an agreement on the terms of the offer AND signatures by both parties. That alone, however, does not bind the offer. There MUST be an exchange of something valuable... and in the case of real estate, that would be an exchange of money.
When I reach out to an agent who says they're all set because they have an offer... and I have a client interested in submitting an offer, I ask if a check has been received. Typically, the answer is no so, technically, there is not an executed offer. If I bring an offer with a check to that agent, that agent is obligated to present the offer as long as a check from the other offer has not been received (and, technically, deposited).
You should find out if a check has been provided if you're really interested in the property. You can also present your offer and check and ask to be held as a backup offer in case the original offer falls apart.
Good Luck!

Ryan


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