What happens right after an offer is accepted?
Started by intercontinental
over 12 years ago
Posts: 33
Member since: Jan 2013
Discussion about
There is an outstanding (as in open, not as in amazing) offer on my apartment and I'm wondering what would happen were I to accept it. Would my broker put on hold the marketing and no longer show the place? I know accepted offer doesn't necessarily mean contract (which doesn't necessarily mean closing). My apartment has gotten great exposure and my concern is that if everything's put on hold because I accepted an offer that later falls through, I lose the value I have right now from my broker's great marketing.
Usually, if it's an offer that both parties are happy with, and want to go ahead with, a contract is drawn up (by attorney) sent to buyer to sign, and then they put money in escrow, then the contract is sent back to seller, who signs, and after that, the property is supposed to be not shown any more, and is considered "in contract".
There's no reason you cannot continue to show 'for backup' after an offer has been accepted. Until the contract is signed by both parties there is no binding deal. The broker should tell any other prospective buyers that an offer has already been accepted. It sounds like your broker is doing a good job--ask him/her what he suggests.
Thanks to both of you for the input. Based on your responses, my guess is my broker will continue to accept viewing appointments, but no longer invest the energy into having open houses. I will have to see what he says. Thanks!
>Thanks to both of you for the input. Based on your responses, my guess is my broker will continue to accept viewing appointments, but no longer invest the energy into having open houses. I will have to see what he says. Thanks!
That would be the precise thing to do.
Open houses can very much annoy your prospective in contract buyer, it's hard enough to get from start to finish without fanning an extra flame.