Can I send counteroffers to more than one buyer?

02/24/2015 | Author: TAR Legal Staff

Three different buyers submitted offers for my house. Can I send counteroffers to all three and accept the response I like best?

When you make an offer or counteroffer, you give the other party the power of acceptance to create a binding contract. Therefore, if each buyer accepts your counteroffer, you would be legally bound to sell the property to three different buyers.

You could make a counteroffer to only one prospect. Or, if you’re working with a Texas REALTOR®, he or she can provide each buyer with the Texas Association of REALTORS® form Seller’s Invitation for Buyer to Submit New Offer. This form indicates that you aren’t accepting the original offer, and allows you to outline what you’re looking for in a subsequent offer. The form also states that your property will remain on the market, and that you may consider and accept other offers.