I Have Just Accepted a Conditional Offer on My House; Can I Still Look at Other Offers?
After Accepting a Conditional Offer
Accepting an offer on your home is an exciting moment. You are about to sell and get enough money to do something else – anything else. It all seems great at first, but you might have second thoughts going into the offer. If you expected a higher offer, or are hoping for one, you might not like the idea of going all in with what you currently have. Accepting a conditional offer is not the end, though. There is still the option to entertain other offers. There are some things that you have to do if you want to continue looking at other offers, but it is worth it if you would like to keep your options open.
Conditional offers are never final. Accepting a conditional offer does not mean that you are selling a home – something you should always keep in mind. Having and accepting that conditional offer does not automatically mean the offer is final and definite. A conditional offer is just that, conditional. Certain conditions must be met for the sale to be final. During that time, you can entertain other offers. If the first accepted offer falls through, you can accept another.
Watch out when doing this. If you accept a second offer before the first falls through, you will have accepted two offers on your home. You cannot sell your home to two separate people, obviously, so you will want to avoid doing this.
The Escape Clause
There is another option. The escape clause can go into an agreement as an “out” if you want to pursue offers after accepting the first offer. With this clause, you can accept a second offer while the first is still active. If you accept a second offer, you will give the first 48 hours to meet the conditions of the purchase or to back out. If they do not do this within 48 hours, you can continue with the sale to the second buyer.
Speak with a Professional
To protect yourself, make sure that you speak with a professional real estate agent. You will want to make smart choices here to avoid any legal troubles down the line. Being smart, and putting in the right clauses and conditions, can protect you throughout the sale and ensure that you get positive results out of it. Professional real estate agents can help you to manage this in an effective, personalized manner.