After you have made an offer on a house, put down earnest money and signed a contract, is it possible to loose this house to a higher offer? The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that in general, an offer becomes a contract when both parties have signed. Unless your contract gives the seller a specific right to terminate because of a higher offer, they cannot terminate the contract for that reason. If, however, you have defaulted on an obligation that you have in the contract, the seller may be able to terminate. Make sure that you know your duties and obligations under the contract, then follow them to a “T.” Sellers sometimes let buyers know that another offer has come in to “keep the buyer honest.” If buyers know that there is a backup offer, they are less likely to be too picky when it comes to the inspection. Check out below to see what sold in Brooklane Ridge in September 2015:
44138 Greenview Lane, Northville: 4 bedrooms, 3.1 bathrooms, 3,376 sq. feet, 3 car garage, Sold Price: $552,500
If the agent continues to market the property and the seller accepts a better offer, there may be legal ramifications of doing so, which is why we advise our sellers to consult legal counsel before accepting another offer if they already have a signed contract. I would consult a broker or an attorney for further explanation. For more information on Brooklane Ridge or similar Northville or Novi neighborhoods such as Timber Ridge, Arcadia Ridge and Chase Farms, contact The DiMora Team today at 248-505-7728 or email@example.com.