When you get an “Accepted Offer”, to you that means you are on your way to owning a home…but unfortunately to the seller it means you are the first offer they have decided to move forward with.
You could have placed other offers in this crazy market! The seller knows this. At any point even though you are accepted, you could decide NOT to do the inspection because the other house you wanted more accepted you too. This is why the seller continues to show the home until you sign on the dotted line. My point, most sellers are recommended to show all the way to the closing table.
So, after acceptance comes your inspection. If you decide after the inspector gives you his opinion of the home that you want to walk away, the seller is stuck again and has also added more days of their home being on the market. Sellers are told to get back up offers because frankly it is just the smart thing to do. It isn’t personal, it is just business. It is not a guarantee for the seller that just because they accepted you, that you are going to accept their home as is.
A seller does not have to stop showing their home even if you have signed contracts. At any point a better less risky offer could make them change their mind. They are just as scared about you backing out as you are of them telling you they got a better deal. This is why it is so important that you understand what the home inspection is for and to make sure your attorney is ready and available to review contracts immediately. There are so many moving parts to buying a home that you need a realtor like myself to guide you. The ultimate goal is for you to purchase your dream home and that is what I am here to help you do. Until the seller signs the contract AFTER you do, the seller can take or not take whatever they want. It can be cruel but also very important for the seller to have this option until they sign.
Think about it from the sellers point of view for a moment. The seller knows that right now, buyers are placing multiple offers at once on different homes because there is so much competition with low inventory and bidding wars. Please work with a Realtor like myself and get represented when making the biggest purchase of your life.