Question: I made an offer to buy a house, about two days ago. We have yet to hear back from the sellers. We have been looking around at other homes and fell in love with another house. What if the seller of the original house accepts our offer? Will we be stuck buying two homes?
Answer: Which one of these life lessons I was given applies to your real estate situation?
My father had taught me to be honest with a woman and break off one relationship before getting into another. But, on the other hand, my mother taught me to always secure a new job before leaving an old one. When you are stuck in the middle of two real estate purchase offers, it is best to then take my father’s advice.
You can overturn your offer at any time before it is accepted in writing. Furthermore, most standard offers do contain an expiration date. So, if you happen forget to rescind the offer, it will die anyway, usually after a day or two.
Sometimes, a buyer may choose a longer term for their offer’s life cycle. A client recently made an offer that was valid “until a counter-offer becomes accepted, by Buyer.” This was not normal, but I guess it covered their bases.
Finally, like many of my former relationships, a seller can simply just deny your offer. This will terminate your chances of getting together in the end.
Attorney James Haroutunian owns Priority Law, which provides real estate legal services.This article was originally published in the Lowell Sun and is for informational purposes only and not to be relied on as legal advice, in any manner.