Thanks for the words of encouragement. Good luck to you.

It sounds like you may actually get this home sold. Yay!
The reason the negotiations are one-sided is because 1) it's a buyer's market and 2) they have a professional agent representing them.

Once you accept the offer, you are legally obligated to fulfill all of the terms of the contract.

Moral obligations are personal. As far as I am concerned; my word is my bond.

Now, not to belittle your efforts thus far. Part of the reason only 10% of homes sold without realtor involvement make it to a successful closing is because of the contract.
As you recognize, this is a legal document and there are laws to adhere to as well as rules and guidelines. Deadlines to be aware of.
The buyer's agent will make sure to abide by all applicable laws and be loyal to the transaction and represent the best interests of the buyers.
That agent is under no obligation to point out any nuances to you, the seller.

If you were represented by an agent, that agent would know exactly what to do with the two buyers you have nibbling now. Remember, buyers are skittish so be sure to get the best offer and finalize the contract quickly while your property is still hot. Hot only lasts a short time.

You could actually send all contract offers back to all buyers and give a date that you will accept their best offer. (Risky)
You can accept a contract and get the deal closed.
Once a contract is accepted you can accept Back Up Offers only.
Then, if there's something you can't come to terms with after the inspection period, you can call the back up.
You cannot accept a contract and then cancel it and take a better offer if it comes along.
Not legally; and I hope not morally.

Good luck on your deal. Stay focused. Be honest. Be polite. Be on time. Be thorough. Communicate with the buyer's agent at least daily. Respond to emails and phone calls from agent immediately. Fill out all documents completely and accurately and quickly. When faxing or emailing, be sure to send all pages of document for legal purposes, not just the signature page. When coordinating entry for inspections, be very flexible. Be punctual even if others are not. Be friendly without hovering. Have a copy of the Seller's Disclosure on hand for the Inspectors to take with them. Cooperate. Do everything in your power to make their job easier. When negotiating Resolution of Unacceptable Conditions, be reasonable. Think about what is fair. And honest. Be pleasant. Once the Inspection Notice is given, don't play games. If you want to move forward, accept the resolution and finalize the contract. If you agree to repairs, do them quickly and use quality workers.
Make sure to send copies of everything to the buyer's agent, the mortgage lender they are using, and the title company who will be closing you (and/or attorney, if you are using one).

Tell me when you close so I can send you congratulations.

Invasive,
Thanks for taking the time to add to the conversation and sharing your feedback.

I very much appreciate the fact that you are taking the time to engage in conversation. All too often someone asks a question and we respond with no feedback from the person who asked the question. I think you for that.

I am wondering if you are also using the thumbs up, thumps down, best answer? I recent met the CEO of Trulia and am told that only the person who asks the question can rate is "Best Answer". Can you also rate it "useful"? Or do the thumbs up and down in aggregate create the perception of useful? In addition to responding to us directly, are you also rating the responses? Just curious.

Again, thank you for taking the time to converse...most we do not hear from once the question is asked, which makes us wonder if they come back to see the answers.

Thank you, Lucky, Tom, Jean, Ardell, Maredith, Mark, Mary Scott and Marcia.

I really do appreciate your taking the time to answer my question in this most gratis atmosphere. I realize that given time and space, I was not specific enough for you to address my issues fully, though I think I gleaned good answers going forward, thanks!

In short I take away this: If I sign the current WAR Agreement (without addendum) I can continue to take ‘back up offers’ (only) with proper disclosure – which is hard to do in this market, as buyers will go elsewhere. Makes perfect sense.

Interestingly enough, we are already negotiating a back up offer, though informal at this time.

Patrick - good luck in your continued negotiation of absolutes, and fending off mythical beast that represent certain insecurities.

JR – good luck in your pursuit of omniscience!

Oh Invasive--Here we get to the root of the problem--It's not me, or what I say on my website, it's YOU, and your dislike of agents. You seem to think you can do better on your own, yet your here asking agents for advice. Apparently the negotiation in your transaction are in favor of the other party instead of you! Big shocker there.

While I understand you being a bit defensive (I'm basically restating what you said in your original question), I don't understand why you think the statement on my website is a negative. I do negotiate the absolute best price (and terms) for my clients, whether they be buyer or seller. This is why they hire me. They don't have to wonder if they got the best deal they could have. You, on the other hand, KNOW you didn't get the best deal you could have. You feel that you got a BAD deal, which is why you're here whining to the professionals about how to get a better deal than the one you "negotiated" for yourself.

Yup, my bio is self-promoting--That's what they're FOR. What I think is more important are my client testimonials. I don't write those--My clients do, and not one of those people has posted a message on Trulia wondering how to get out of a deal that I negotiated for them.

Thanks folks – for those even minded enough to read and post in kind, I am grateful. For those who project inaccuracies based on white spaces, I am sorry.

The closing date is 62 days away, for those who asked, due to buyer relocation from distant places.

JR - The buyer may or may not be qualified – but thus far the bank said they are approved – but who really knows in the grand scheme of things – save God, JR, all agents and some future underwriter..(?)
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No, excuse me, Invasive. "Unqualitifed" means more than "he is approved". Unqualified means he is not ready willing and able to buy, and extensive contingencies, such as contingent on the sale of a home for example, mean not ready willing and able.

You got a lot of good advice, you have simply not gotten the advice you want to hear.

I have not seen a good answer to your question. You have a tough decision. When you accept an offer and sign the contract you are legally bound to preform to the terms and can face serious consequences if you default.
You can continue to market the property but any other offers accepted have to be specifically worded as a back up offer. Consult professional help.
My comments:
It's not surprising that the negotations have been one sided, The Seattle area has slipped into a buyers market. we are not as bad as a lot of areas but the economy and the sub prime mortgage debacle is having it's effect. There is a lot of inventory (Homes on the market). The latest report I have seen states there is only one buyer for every eight homes on the market.
Things to consider and my question to you:
1. A lot can happen in 60 days. You will basically be off the market during that time if it doesn't close. Your house has to be really special to get a backup offer under those conditions.
2. Selling FSBO, did your home get enough exposure to buyers?
3. How did you price your home?

Patrick – a quick read of your bio says it all:

(("If you're thinking about buying, there's a ton of inventory out there…My focus…negotiating your absolute best price"))

Renouncement of another negotiation technique without basis, while openly advertising to potential buyers to behave as such is actually a little morose from a sociological perspective, and comes off as just another sophomoric self-promotion technique that seems to be a recurring theme around here.

((My focus…negotiating your absolute best price))

Just how does one negotiate in absolutes anyway? Perhaps JR is god like after all.

Soooo, to answer your question...DISCLOSURE. If you get another offer, you disclose to that buyer that they are in second position. Agents do have a protocol but disclosure is the most important part of it.

Be careful what you wish for. If you accept an offer you are bound by the terms of the contract, and generally cannot sell the property to someone else after you've agreed to sell it to the first party. Duh. But of course, it all depends on what you signed. You bring up an interesting point--"Negotiations thus far have been extremely one sided - to the buyers." Why is this? My opinion is that if you choose to do your own negotiations then you need to be better at it.

Thanks folks – for those even minded enough to read and post in kind, I am grateful. For those who project inaccuracies based on white spaces, I am sorry.

The closing date is 62 days away, for those who asked, due to buyer relocation from distant places.

JR - The buyer may or may not be qualified – but thus far the bank said they are approved – but who really knows in the grand scheme of things – save God, JR, all agents and some future underwriter..(?)

You're in a classic "FSBO" situation, because there are buyers out there trying to keep the commission for themselves, while you are trying to keep it for yourself.
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Not only that, he's about to tie himself up with an unqualified buyer. This buyer is not ready willing and able to buy. Home Seller, you need your own agent.

If the offer is contingent upon the buyer selling his house first then generally you can keep marketing your house but If your house is under contract then why would anyone else want to look at or rmake an offer on it? It sounds like the buyer has representation and you don't so I would suggest getting some advice yourself or you could get yourself in trouble. Tom Berg, Windermere, Woodinville Wa

Hi,

You're in a classic "FSBO" situation, because there are buyers out there trying to keep the commission for themselves, while you are trying to keep it for yourself.

Before you make a decision on this offer, I'd suggest you find a local Realtor who's been in business for at least 5 years, and get a complete market analysis on your area. There's no way this forum can give you the advise you are looking for, because we don't have a copy of your contract. Paying the commission will probably give you a better "bottom line", when it's all done; and that's a proven fact.

Hoping for the best for you,
Jean Bradford
Associate Broker, ABR, GRI, CRS, CRB
Silverdale, WA.

In agent terms, what you are suggesting is called PendingBU meaning you have a pending contract in escrow, but are seeking BackUp offers.

How long is the close period?
Have you finished negotiating the home inspection?

The danger in actively seeking another buyer, such as continuing to hold Open Houses, is that you will scare away the buyer you have and end up with no buyer at all. By sending the message to your existing buyer that you may not honor the contract, you may cause that buyer to treat you the same.

Golden Rule applies. If that buyer is expected to close on the existing contract in your mind...then so are you. That is the psychological consideration.

If the "long" escrow is more than 60 days, is that a hidden contingency? Why is it longer than normal? The why is more important than the # of days it is longer than "the norm".

Generally speaking, a bird in the hand is worth two in the bush. There are very few truly happy sellers these days, but the SOLD ones who are selling at less than they had hoped for are luckier than those with no offers at all, and they are many.

You should get an attorney's opinion regarding anything having to do with a contract for real estate. Here is some general information you might find useful in the meantime:

If you accept an offer and the buyer fills all of their obligations according to the terms of the contract, you can put yourself at risk of being sued for "specific performance" if you don't sell them the house or sell it someone else. in other words, they can try and force you to fulfill what you obligated yourself to do.

There is no hard and fast rules regarding what goes into a contract - only that both parties agree to the terms. "Bump" clauses are generally reserved for contingent offers - offers that are contingent on the sale of another property. The bump clause allows the seller to "bump" the buyer in the event a better offer comes in. "Better" can be specific or subjective, depending on how the contract is written. There is nothing that says you can't write a bump clause into any offer, though, whether it is a contingent offer or not. Any attorney should be able to do that for you. On the other hand...

... you should look at the deal from the buyer's perspective as well. If you were a buyer and serious about a house, you would not want to go through the hoops and expenses of applying for financing, arranging for a move, inspections, etc. only to be bumped out by the seller at the last minute.

If the offer that has been presented to you is not contingent, maybe you can find other ways to protect yourself and not have your property off the market for too long if it falls through. Shortening up the finance addendum, making the earnest money a non-refundable deposit early on or other "guarantees" might put your mind at ease as a seller and take the pressure off the buyer a bit. Remember, you are probably lucky to have a buyer in this market - be careful how you proceed and try and be as objective as you can so you don't lose the sale.

Also - you can accept "back-up" offers that can be put into first position in the event the first buyer walks. Make sure you have an attorney review any back-ups to avoid selling the house twice!

You can further protect yourself by hiring a good real estate agent who can help you navigate a bit through the contract and, most importantly, who can draw on experience to sort out the good buyers from the risky buyers.

Good luck!
Meredith Laws

Once you accept the offer you are bound by the terms of the contract. This usually means that the buyer is pretty much in control at that point. Buyer has the option to back out (and re-negotiate) during the inspection contingency. But there is little recourse for the seller to back out unless, for instance, buyer fails to perform on the terms of a financing contingency.

You can continue to market the house and you can accept back-up offers but the language of the offers much state that it is a valid offer only if the existing offer fails. Also, the language must be legally clear and specific. But, frankly, it's not likely in this market that many buyers would be willing to consider a back-up offer. Be careful here - if you try to get out of a contract to sign a contract with another buyer, you will be leaving yourself open to a lawsuit.

Good luck.

After signing an offer you can continue to market the property but any offer made would have to be subject to the failure of your current offer. They may be a few buyers that might be interested in waiting to see if your first offer fails but most, if interested in your home, will ask you to call them if it becomes available and will also want to know why your first sale failed. Was it a building inspection item that needed correction but you were not willing to do? It is usually a waste of your time and efforts to continue to market the property. If you want to seek legal advice you might add in your current offer that due to buyers requesting a longer than normal close that after all contingencies have been removed, (title review, building inspection, home owner assoc information if pertient, and financing) that they fund a non- refundable deposit (not earnest money) to you to wait for the longer closing. You need to get the advice of an attorney to make sure you get the language correct in the purchase agreement.
Mary

If you have not signed an offer you can continue marketing. Once you sign agreeing to the terms and price than you are locked into what you have signed. This is why you need someoen representing you that is not involved financially or emotionally with your property. You need to rule out emotion and stick with business. Make sure you have all the required state and federal dosclosures as well. You dont want to get caught without them. You need to take each contingincy on its own merit, if they have a hous eto sell that is not sold you may want to offer them a first right of refusal so you can keep marketing it and perhaps find someoen who makes a better offer with no contongincies. protect yourself!!!! good luck

Marcia,
Thanks for taking time to answer my question.

My question was geared towards 'after' the contract gets signed around.

Yes, you should continue showing your house until contracts are signed.