If you’re selling your home and already accepted an offer but another buyer steps in with an higher offer, what do you do? The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that overall, switching to a higher offer after you’ve already accepted one isn’t something experts recommend—it’s unpleasant, unethical, and could even land you in legal hot water. Most deals allow a buyer to back out, but not a seller. If you have signed the contract, if it includes contingencies, then there’s still some wiggle room. It’s important to fully understand the language in the sales contract to ensure each party is aware of their responsibilities and repercussions for breaching such obligations. That usually includes the nondefaulting party’s right to pursue “lawful remedy” against the defaulters. If you’re the type of person who wants to take all offers, it’s advisable to list the property as “contingent, accepting backup offers.” This would avoid any and all repercussions to the seller. Check out below to see what sold in Arcadia Ridge in July 2016:
48780 Freestone, Northville: 4 bedrooms, 2.1 bathrooms, 2,691 sq. feet, 2 car garage, Sold Price: $464,500
Arcadia Ridge Home Sold
July 2016
49053 Freestone, Northville: 4 bedrooms, 2.1 bathrooms, 3,040 sq. feet, 2 car garage, Sold Price: $500,000
Arcadia Ridge Home Sold
July 2016
Sellers don’t have tons of options when it comes to backing out. But one thing a seller can do, though it’s not guaranteed to work, is to accept the higher offer as a backup. For more information on Arcadia Ridge, or similar Northville or Novi neighborhoods such as Quail Ridge, Timber Ridge and Cascades of Northville, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.