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After I accepted an offer, can I accept a different offer?

I accepted the first offer I got for my home and only had one showing. There's a lot of interest in my home, and I'm wondering if I should continue to have showings. If I do get another, better offer, can I back out and take the better offer?
Asked By Ryann | Palm Beach, FL | 307 views | Selling | 1 year ago
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Pro
123 Answers
Chris Yochum

Dickson Realty

(19)

Hi Ryann, you will want to refer back to the offer and read it thoroughly, talk with your agent representing you and even a real estate attorney to advise for your specific situation. Depending on your state and the contract you accepted, generally you can accept back up offers that would go in back up position. This means that if the the buyer defaults or backs out for any reason you are able to move the back up offer into first position and proceed with it. Generally in my area, it is not recommended that the seller back out for a better opportunity or they can be liable for actual damages to the buyer.
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Rising Star
11 Answers
Michael Hudson

eXp Realty

Depending on your state and that states Real Estate commission rules. I would check the state guidelines or consult an attorney for the best answer,

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Rising Star
11 Answers
Michelle Hatfield

EXIT Royal Realty

I am not sure what kind of contract you would enter into that would allow you to back out simply because you have gotten a better offer. Backup offers are generally an option in case the contract falls through. There are protections in place that allow both sides to be protected once a meeting of the minds is achieved. Just as the buyer would need a valid reason or a contingency allowing them to back out on you, I am positive they would be protected in the same way. Once a contract reaches a meeting of the minds the stipulations in the contract are enforced on both parties. The best thing you can do is discuss the issue with your agent. If they are knowledgeable they should be able to explain the contract and all the ways it is enforced as well as the options you have for backing out. I would hope they thoroughly explained what you were signing and the implications before you entered into the binding contract.
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Novice
2 Answers
Elyse Berman PA

LoKation

(35)

If you have a fully signed contract, you cannot back out of it. You may be able to take a backup offer in case the buyer cancels (if they have an as-is contract.)

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