Unlike many "by owner" real estate websites, ForSaleByOwner.com offers live customer support and we answer questions about buying or selling a home. Here's a good question that was recently asked of us that is applicable to many home sellers:
Once I have accepted an offer, do I have to take my home off the market or can I wait until they are approved for their mortgage? - Pete in Gallup, New Mexico
And our response:
Pete,
Hindsight is always 20-20, it is recommended that sellers pre-approve interested buyers before any offer is submitted or accepted. That is especially true for today's market, where buyers are having a harder time getting financing due to stricter mortgage guidelines. The pre-approval process doesn't take that long, and can be even be done through an online lender like Quicken Loans.
In your situation, does the Offer to Purchase state anything about taking the home off the market? In New Mexico, like most other states, most real estate contracts stipulate that once an offer has been accepted, the seller must disclose to other parties who come forward that the property is "Under Contract" but that the seller is accepting "Backup Offers."
We recommend that sellers and buyers hire a real estate lawyer to handle the sales contract, and provide counsel on all state and local laws.
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