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WEEKLY REPORT - APRIL 13 - 19, 2021

It’s not uncommon for a seller to get more than one offer. In that case, they have the option of coming to terms with one of the buyers and accepting a second offer as a back up if the first offer collapses. While it may seem like a good strategy for the seller, buyers in back up position have certain legal rights which may complicate things for the seller. For instance, sometimes if the seller alters any substantial terms in the first contract, they can unwittingly activate the second offer. In other words, by just amending the price or other term in the first offer, the seller can trigger the second offer and before they know it, they’ve sold to 2 different buyers. Not good! Also, if the second buyer feels their rights have been breached, they can place a claim on the seller’s title. Even if their claim is unfounded the seller can’t sell until it’s settled. That’s why we’re cautious with back up offers. For great advice on selling, Call Us FIRST!!

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