Profile picture for xbost0nfittdx

Why still have showings if they've already accepted an offer?

My husband and I went to look at a house that had been on the market for several months. We loved it and decided to make an offer that same day. Our agent called their agent and she informs us they already accepted an offer. Their agent did not inform us there was even an offer before we went to look at it. The home owners had other showings that day also because it was written on a calendar in their home. Why would the home owners or agent even bother showing it if they knew they were accepted an offer already and not accepting other offers?
  • February 16 2014 - Salem
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Answers (9)

When a house is under contract, it can be listed as "taking back-up offers" instead of "pending".  There are several steps in the home buying process and the buyer can back out of the contract because of inspection issues, appraisal, the loan itself, and insurance.  If any of these are not acceptable to the buyer, he can walk.  If the seller wants to have an offer in second position, the house is kept on the market and showings are allowed.  I have seen many buyer's contracts in second position get the house.  If you love the home, put in an offer.  You never know!
  • November 12 2014
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What a lot of answers miss, is that the listing agent here in NH should have changed the status to "Pending continue to show" in our  MLS. There are requirements in MLS that they do this within a specified amount of time. That way you as the buyer can decide if you want to view or not. Most buyer agents would then find out what the contingency is an dhow long until they hear if the buyer who ha sit under contract will waive it and close, or if they will opt out and the house will become active once again, 
  • November 12 2014
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Normally what happen is if there is an offer that has been accepted, an agent will be aware that you were interested in the property.  If the deal falls apart the agent will contact you directly if you were working with them or call your specific agent to let them know that the property has become available.  I hope this helps.
  • November 03 2014
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Just a few of the number of factors which could cause a 1st accepted offer on a property NOT to close
which would make continuously showing a property worthwhile are:

1. Inspection clauses which fail to meet contractual terms
2. Financing falls apart for the 1st accepted offer
3. Appraisal does not equal contract price
4. Title issues slow down the closing process and the 1st accepted offer does not continue in contract
5. Findings from any one of the others above cause a renegotiation in price/terms which fails

Although it's not convenient for you the buyer at ALL, there are reasons why this occurs.  Hopefully your agent is making you aware of the time risks involved by pursuing this opportunity.

Thanks!

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  • February 26 2014
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Profile picture for gary409
the other offer may have a "kick out clause" due to a contingency and you could still purchase under certain circumstances
  • February 26 2014
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Just to add a couple more ways that a listing may not close... there could be problems with the buyer's financing and they are unable to get a loan or perhaps the property does not appraise... or, things come up in the home inspection and the buyer and seller cannot reach an agreement....
  • February 16 2014
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Profile picture for JimVT
There are a few reasons why there would be showings on a home that is already under contract.
1. As WetDawgs posted, not all contracts close. They could be hedging their bets against possible weakness in the other offer or potential Buyers that could allow you to make the purchase down the road either through a backup offer or coming in once the other contract falls apart.
2. The listing agent could have used the number of showings and potential demand for the property to drive up the price on the offer that was accepted. You cannot do that if you are not showing the property. It is what they should be doing to best serve their clients, but if there are multiple offers coming in, it gets into the murky realm of whether or not you want to allow everyone to have a chance to compete. Many times multiple competitors will result in a lower price as some potential Buyers will walk away from a competitive situation.
3. The offer may not have been accepted when you were at the showing and the listing agent may not have been allowed to make you aware of any other offers (a possible condition of the listing agreement in the standard NHAR listing agreement).
4. Technically speaking, an accepted offer is not a contract, so there may be room to compete if your offer would be strong enough. Worth asking the question, but they may not want to rock the boat with the accepted offer.
5. If the property is an REO property, my experience has been that an accepted offer, even when not signed, the Seller will stay with the first acceptable offer. Also, with some REO properties, there could have been an offer directly uploaded to the Seller and the listing agent may have only just been notified.

NH doesn't have a standard attorney review contingency nor does that generally happen until after the contract is signed by both parties. Any other offer that were to come in at this time and accepted would have to be accepted and disclosed as being a backup offer contingent upon the other offer being made invalid on top of whatever other contingencies there may be.

I hope that helps.
Good luck!
  • February 16 2014
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It all depends on what the seller decides.  Without knowing all the details...an accepted offer would most likely mean that both parties have signed contract and it is currently in attorney review.  In that case the seller could accept other offers as well as they buyer could change their mind.  Not sure about the information that they are not accepting other offers? Some sellers keep showing for back up offers as there are many steps to making it a firm and done deal...first you need to get through attorney review (at which time is posted under contract), then there are the inspections, appraisal and mortgage committments.  
  • February 16 2014
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Profile picture for wetdawgs
Not all offers close, so probably they were hoping for a back up offer.

  • February 16 2014
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