Go back over your offer for a 24- or 48-hour escape clause. Real estate sellers who accept conditional offers often include a clause allowing them to “escape” their legal contract if they get a better offer. Why? Because conditional offers are not final or binding until all conditions are met or waived. Consenting to an escape clause signals you are prepared to waive your conditions, or suffer the consequences.
And the consequences can be expensive, especially if you have already paid for a home inspection, or listed your own home for sale. If you think an escape clause puts you in a tough spot, you’re right. The real estate seller is legally within their rights to continuing showing their home, even as you rush to finalize mortgage financing.
That’s why realtors advise against making offers with long closing dates, or contingent on selling other real estate. Deciding if you’re prepared to forego outstanding conditions, and finalize your offer on short notice — now that’s a serious bind for any real estate buyer.