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Can Houses Still Stay on the Market After a Contract Has Been Accepted?

I've been reading on the forums about how a seller removes the property off the market if a contract has been accepted and signed.

But what happens if the property wasn't removed? My husband and I placed an offer that was accepted on a house, and we've completed the home inspection. However the contract is not dated, as we were waiting to complete a home buyers coarse for a certificate for first time home buyers.

 But when we first told the seller we couldn't accept their terms on the counter offer for the repairs, we were told by our realitor that there was another offer placed on this house even while we were under contract. Can this be done?
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April 15 2013 - Baltimore
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Profile picture for wetdawgs
Until the money has exchanged hands (i.e. you've closed on the house), the seller can keep the house on the market accepting back up offers.

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April 15 2013
There can be other offers placed on the property, but as long as you have a valid contract they cannot bump you out. They place back-up offers with the hope that you will cancel your offer (such as after a home inspection). 
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April 15 2013
When you rejected the counter offer on repairs you essentially agreed to cancel the purchase agreement. The only thing left is mutual rescission of the purchase agreement.
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April 15 2013
I agree with all your answers so far...back up offers are legitimate in case your contract does not close. But more importantly, as Mr. Emery pointed out, when the seller countered regarding the repairs, and you refused those terms, the seller may now move forward on other offers or accept your counter of their counter.
Hope this helps, best wishes, Jim
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April 16 2013
 
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