After sitting on the Spring Texas real estate market for many months, you finally received an offer on your home. After numerous back and forth negotiations, you have agreed to what you feel is a decent price. Now two days after your house went under contract, you’ve received a higher offer. Can you take the higher offer?
Yes, you can take the higher offer but it would be considered a “Back-Up” contract. In order for the Back-Up contract to become the primary contract, the first contract would have to be terminated by the first buyers.
As a seller, you can only terminate the first contract if the buyers are in default. Although a Back-Up contract may not become the primary contract, it does provide you with assurances that your Spring Texas house will be sold.
A Back-Up contract also provides you with leverage in negotiating repairs with the first buyer. If the first buyer wants every repair identified on the inspection report, you could say “No Repairs”. Your stance on repairs could push the first buyer to terminate the contract. Then the higher sales price Back-Up contract would become the primary contract.
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less