Buying a new house can be stressful, especially if you find your dream place.
Can the seller accept another offer during attorney review?
Yes, during the attorney review, they can legally accept new offers without telling you.
In some states, the property goes off the market right after you make the contract.
Here’s everything you need to know about selling houses and attorney reviews.
The Purchase Process: How Does It Go?
If you’re selling your home or thinking about buying a new one, it’s essential to know how things work.
This process doesn’t happen quickly; it usually takes more than a month to finish the sale.
When you sell or buy a house, you go through three main steps:
1. Submitting an Offer
When you want to buy a house, get all the needed papers ready.
Send them your offer to the person selling the house, through their agent.
The seller’s agent will then talk to the seller about accepting your offer, making a different offer, or looking at other offers.
2. Sending Out Contracts for Attorney Review
Once everyone agrees and signs the contract, it’s sent by email to everyone involved—seller, listing agent, seller’s attorney, buyer, buyer’s agent, and buyer’s attorney all at once.
This starts the attorney review period.
Attorneys share a letter discussing details until they all agree.
When everyone signs the letter, the attorney review period is over.
3. Becoming Under Contract
Now it’s time to check the house.
Usually, the seller isn’t there. If there’s a big problem, the buyer can cancel, go ahead with the purchase, or ask for changes.
Likewise, if the buyer wants changes, the seller can cancel, agree, or talk about it.
Once everything is sorted, the buying process continues as planned, and the deal is done.
Can a Seller Accept Another Offer During Attorney Review?
Yes, the seller can think about other offers while the lawyer checks everything.
The agent has to show all new offers to the seller during this time.
Once the property is “under contract,” they can’t take more offers.
This usually takes three days.
During this time, the seller can cancel or choose a better deal without any problems.
The buyer can also cancel during this time.
The buyer can even offer more money during the lawyer review. But the seller doesn’t have to tell the buyer if there’s a better offer.
Can a Seller Accept Backup Offers While Under Contract?
If the first deal doesn’t work out, this backup offer is next in line.
It’s like having a Plan B and gives the seller more power if the buyer asks for things.
This is especially true if the backup offer is much better than the first one.
It’s a good idea to tell the buyer’s agent about getting this other offer.
Is It Worth It for a Buyer To Make a Backup Offer?
If you really like a house but it’s already chosen by someone else, don’t lose hope.
Your agent can check on how things are going with the current buyer.
If that doesn’t work out, the seller might like talking to you since you’ve already seen the house.
It’s easier for them than starting the whole process again on the market.
When buying a house, you go through steps like submitting an offer and having an attorney review.
Sellers can accept new offers during this review, which usually takes about three days.
Sellers can also consider backup offers as a backup plan.
For buyers interested in a house already chosen by someone else, making a backup offer can be a good idea.
Understanding these steps is important in the real estate process.