Can a seller enter into a backup offer on a home and take the higher offer after already signing a contract for a low offer?

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Can a seller enter into a backup offer on a home and take the higher offer after already signing a contract for a low offer?

I signed a contract for my home to a real estate investor.group that only offered me 80,000, however there is a real estate person that says he has a buyer that is willing to go higher. My close date for the investor is in about 3 weeks. Am I able to take a back up offer? No money has exchanged hands.

Asked on October 21, 2019 under Real Estate Law, Florida

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

Since you signed the contract for the lower offer, you could be sued for breach of contract if you don't honor the terms of that contract and take the higher offer. The contract is valid as it had an offer and acceptance.


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