Commercial Property

[AppleWood Grill]

Washington State

Situation:
Commercial property went on the market months ago and an offer was made by another party (not myself). Last week the deal went south and I was told that the party was backing out. I immediatly let the realtor know that I would be placing an offer. I was told that they were entertaining an existing back up offer but they didn't have confidence that it would go through and that it wasn't a "full price" offer. I have since placed my offer (full price) including proof of financial backing. I can't get a straight answer out of my realtor as to what this means other than him saying that we just have to wait it out and see what happens with the other offer.

Question:
1) Is the seller bound to the first back up offer before they can entertain my offer?
2) Once the seller sees that my offer is higher than the current tabled offer, why cant' (or can he) drop the other offer and accept mine?

[HomeGuru]

Originally Posted by AppleWood Grill

Washington State

Situation:
Commercial property went on the market months ago and an offer was made by another party (not myself). Last week the deal went south and I was told that the party was backing out. I immediatly let the realtor know that I would be placing an offer. I was told that they were entertaining an existing back up offer but they didn't have confidence that it would go through and that it wasn't a "full price" offer. I have since placed my offer (full price) including proof of financial backing. I can't get a straight answer out of my realtor as to what this means other than him saying that we just have to wait it out and see what happens with the other offer.

Question:
1) Is the seller bound to the first back up offer before they can entertain my offer?


**A: in general yes, but it depends upon the terms and conditions in the offer.

*********
2) Once the seller sees that my offer is higher than the current tabled offer, why cant' (or can he) drop the other offer and accept mine?

**A: he may be able to. See above.