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.
Best Realtor Ever! I cannot harp on how wonderful Jill has been during my new home build purchase! She has... read moreBest Realtor Ever! I cannot harp on how wonderful Jill has been during my new home build purchase! She has gone above and beyond by attending every single meeting that I had (design center meeting, electrical, blue tape meeting, final acceptance meeting, closing). During the design appointment, Jill gave pointers on what upgrades would have the best resell value and how much I would see out of it. It was my first time going through the new home building process so it helped make the meeting way less stressful. Jill has been there for me every step of the process even after the closing! I truly have never met a more passionate, hard working individual! I would HIGHLY recommend! read less