Can a Seller Accept a Better Offer After Our Contract is Signed?

Real estate contracts

New Orleans Home Buying FAQs

We get a lot of New Orleans home buying questions, but this seems to be a common theme lately.

Can the seller accept another offer after they’ve already accepted mine?

The short answer is no. The real answer is maybe, if you’ve written a predicated offer that’s contingent on the same of another home.

If there is no predication involved, then the Louisiana purchase agreement has plenty of protections built in for home buyers.

Contracts are binding

Your offer, once accepted by the seller, is a legally binding contract. They can’t just decide to sell to someone else with no cause.

How do you keep that contract binding?

As a home buyer, there are several things you must do to ensure that you’re keeping up your end of the bargain.

  • Deliver your deposit on time
  • Provide proof that you’re moving forward with your loan application if you’re taking out a mortgage
  • Perform your due diligence within the contracted time frame (usually 10-15 days)

But what about backup offers?

We’ve talked before about backup offers and how they work. Rest assured that as long as you are sticking to the terms of your contract, the seller cannot just cancel the agreement. However, if there’s a backup offer in place that they like better than yours, they may play hardball during the inspection negotiations, so it’s up to you to decide how badly you want the house.

 

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