Can Someone Take the House You Already Have an Accepted Offer On?

Did you know that even after your offer on a home is accepted, someone else can come along and take it out from under you?

It doesn’t happen in every deal, but it’s common when your offer depends on selling your current home. Here’s how it works and how to protect yourself.

The sale-of-property condition

If you need to sell your current home before you can buy, your offer may include a condition on the sale of your property. The seller accepts your offer, but the deal isn’t firm until your home sells.

Sellers often protect themselves with an escape clause, sometimes called a “bump clause.” It lets them keep marketing their home and accept another offer. If a new buyer comes in, you’re usually given a short window, often 48 to 72 hours, to:

• Waive your sale condition and firm up the deal, or
• Step aside and let the other buyer have the home

Seeing it from both sides

The Right Choice team has been on both sides of this. In one case, our buyers had an accepted offer conditional on selling their home, and another offer came in. Our team had to work fast on both sides, buying and selling, to see whether it made sense for them to waive their condition.

In another case, our buyers were the ones waiting in second place. The first buyers had a sale-of-property condition. Our clients made an offer, and when the first buyers couldn’t firm up within 48 hours, our clients got the house.

How to avoid losing the home you want

There’s no one-size-fits-all answer. It depends on your situation. Strategies include:

1. Listing and pricing your home well so it sells quickly
2. Getting bridge financing lined up in case you need to firm up before your home sells
3. Selling first, then buying, especially in a slower market
4. Coordinating both sides with one team so nothing slips

Buying and selling at the same time?

That’s exactly when strategy matters most. Our team can help you plan it out.

Call 289-276-1716 or talk to us about selling.