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Tuesday, January 12th, 2021

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Posted by: | Posted on: January 12, 2021

Can a Home Seller Under Contract Still Accept a Higher Offer?

Congratulations, you sold your house! The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed.

Then it happens—another offer comes in, and a better one at that. What now? Can you take the highest bid? Here’s what home sellers need to know.

When is a sale a sale?

While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.

That’s why it’s so important that sellers are confident that they want to accept an offer before signing.

“As a seller, make sure you are willing to accept an offer and know that you may not be able to get out of the

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Posted by: | Posted on: January 12, 2021

Fannie, Freddie Tighten Rules for Condos in Vacation Locales

WASHINGTON—Getting a mortgage for a resort-area condo might become more difficult after Fannie Mae and Freddie Mac moved to tighten rules on buildings with many short-term rentals and hotel-like amenities, some Realtors and bankers say.

Fannie Mae last month changed its rules to make it clearer that it won’t back certain loans in high-rent vacation areas, with Freddie Mac taking similar steps that go into effect next month.

The moves by the two government-controlled mortgage giants come as the Trump administration seeks to shrink their footprint in housing, especially in areas such as vacation properties that may not serve the core mission of encouraging homeownership by making it more affordable.

The updated rules, which went into effect Dec. 7 for Fannie, are starting to generate pushback from Realtors and bankers who say entire buildings could be ineligible for financing even if only some units are rented out on a

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