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Why is There Still an Open House on the Home I am Buying?


Blog by Claire LeLacheur | January 25th, 2009


First time home Buyers, especially, are quick to ask this question. Once I have an accpeted offer on a property, why does the listing agent keep showing the property and holding open houses?

Simple. Any listing agent worth their salt will continue to show the property after receiving an accepted offer from a Buyer. This way they are representing their Sellers in proper fashion. They will have new Buyers to fall back on should this first offer fall apart. There is no time lost in trying get people back through the property. In many cases the first time a Buyer views the property, accepted offer or not, will be the last time they see it before they decide to write an offer on it.

Once you, as a first time home Buyer have an accepted offer on that property, the Seller cannot legally accept any other offer, unless it is a back up offer. This back up offer must have a subject appear on it that states, this offer is subject to the first offer falling through and the Seller is no longer being legally obligated to that first offer. This back up offer only comes into play if and only if your offer falls apart and you cannot proceed to remove your subjects. If, for some reason the Seller should decide to accept another offer in place of your offer because it has a higher price or better terms, they can't. This is called gazumping and is highly illegal in Canada.

So relax! Take the opportunity as a first time home Buyer to use that open house to go back to the property and hang out for awhile. Get the feel of the place and the lay of the light. Maybe do some measurements for furniture and if permitted to do so, take some pictures to send home to Mom and Dad and your friends. You will be very glad that you did.

 

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