is there anyway in the state of Michigan a back up cash offer can trump the primary offer if all the primary offer cintingencies are met?
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is there anyway in the state of Michigan a back up cash offer can trump the primary offer if all the primary offer cintingencies are met?
Sellers accepted an offer with
contingencies upon inspection and
appraisal. It is a mortgage offer.
I put in a back up offer accepted
as such. My only contingency is
that the appraisal meets or beats
my offer. I really want this
house Am prepared to offer a
substantial amount more if I need
to.
Asked on October 9, 2017 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If the first offer had not yet been accepted, the seller could have chosen instead your back-up cash offer. But you write that the seller accepted the other offer and its contingencies have been met; in that case, unless the buyer(s) breach or violate the contract in some material or important way (like missing some payment or being unable to close), the seller is contractually obligated to other offer and cannot sell to you. If there is a breach by the other buyers, that will let the seller terminate the contract if he/she chooses.
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