Back-up offers cause sellers trouble

Q: I am a listing agent on a property under contract. The buyers' mortgage company declined the buyers, but they still want to buy the house by seeking other lending options. The buyers still have seven days on their financing contingency. If another offer comes in, can the seller accept it?

A: The buyers' financing contingency is still in effect. The question is, could the sellers accept a back-up offer under other circumstances or with other contingencies in effect? If so, then the sellers can accept a back-up offer under these circumstances.

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.