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.
My husband and I were part of a recent corporate relocation. We chose Jill Wente as our buyer's agent and... read moreMy husband and I were part of a recent corporate relocation. We chose Jill Wente as our buyer's agent and she provided knowledgeable, top-notch service. We decided to go with a new build, which we had never done before, and Jill guided us expertly through the process. We were in the old location for much of the time, but Jill updated us regularly on the progress of the construction, sending photos and checking on anything we had questions about. She even took the time to go to the Design Center with us. Jill's knowledge, service-focused attitude and credentials add up to excellence at work for you. read less