is it legal to ask me to raise my offer from $285,000 to $299,900 after signing the contract by both parties and completing the home inspection?

I saw a property and gave a written offer of $280,000 on the same day along with $2,000 earnest money check. my realtor called me and said the seller is asking for $295,000 then I gave the offer for $285,000 after 3 hours my realtor called me again and said the seller has accepted my offer of $285,000 and asking for more $3,000 toward earnest money. I visited the property again and signed the contract at 3pm and gave $3,000 check as earnest money, that total up to $5,000. i did a home inspection on 15th and paid $275. my realtor called me and said, seller got another offer of full price

Asked on June 16, 2009 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

From your question and the description you state, it seems that there was a contract signed by both parties. If so, then no, the seller cannot accept another, better offer--once the contract is signed, they are obligated to sell to you as long as you meet your requirements (e.g. get mortgage approval). Not that you need anything more than the signed contract, but, but the fact that you put earnest money down and in reliance on the contract spent money on the home inspection helps solidify your position. The seller could offer to give you part of the difference in price between your offer and the full price one to get you to agree to walk away, I suppose, but that'd still be your call--once the contract is signed, as long as you're meeting your obligations, the seller must meet his or her and sell you the home.


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