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Still Showing The House |
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Dear Edith:
I recently put an offer on a house with a deposit, and the owner accepted it. I called the agent several times to put a “sale pending” sign up, or remove the “for sale” sign from the property. I was told till we close and money has been exchanged that the seller had the right to accept other peoples’ interest in the home . Is this ethical? – via e-mail |
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Until the transfer of title, that house belongs to the sellers, who are free to do what they want with it. That would include deciding about signs and even continuing to show the place.
If someone else wanted to buy the house, the sellers could accept a "backup" contract from a buyer who was ready to wait around to see if your purchase, the one that had priority, fell through. There's always a chance something might go wrong. Perhaps you’d end up unable to get the required mortgage loan, for example, or have to back out for some other reason. Only then would a backup purchase contract go into effect.
Other would-be buyers pose no threat to you, if you already have an binding contract. The "for sale" sign, and other lookers, won't hurt you.
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Edith
Originally published on May 16, 2007 |
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