A seller receives Offer A for $500,000 with no conditions and Offer B for $520,000 with a home inspection condition, open until 10 p.m. At 6 p.m. the seller accepts Offer A and returns it to that buyer. Buyer B's agent asks what legal standing Offer B now has. What is the correct reply?
Correct Answer
C) It is still an unaccepted offer that lapses at 10 p.m. and gives no backup rights
Accepting Offer A at 6 p.m. created a binding agreement with that buyer, but it did not reject Offer B. Offer B remains an unaccepted offer until it lapses at 10 p.m. It gives Buyer B no priority or backup position; an offer only becomes a contract if the seller accepts it, and after 10 p.m. it cannot be accepted at all.
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Previous Question
A seller receives two offers on the same day: Offer A at $500,000 with no conditions, open until 9 p.m., and Offer B at $520,000 with a financing condition, open until 11 p.m. At 8 p.m. the seller signs Offer A and returns it to that buyer. What happens to Offer B?
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A seller receives two offers on the same day. The first offer is conditional on financing, and the second offer is firm but for a lower price. Which statement about the seller's options is correct?