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.
Jill is the best when it comes to knowledge of the market and providing you with the best insights for... read moreJill is the best when it comes to knowledge of the market and providing you with the best insights for what you're looking for. She goes above and beyond with helping you find the best deals, home options, and builders. She is quick to respond with any questions and easily accessible. I'll use Jill for my next home buying experience. read less