I was faced with this situation recently. I had a signed contract on a listing of mine that is a coop apartement. The buyer misrepresented the amount of financing he was to obtain, and there wasn't anything we could do about it. Because the seller and i were concerned that his debt to income ratio wasn't sufficient to satisfy the building's requirements, we were worried that the building would reject him. We considered continuing to show the property, and there's no law or rule that says we couldn't. We didn't because we felt that if the coop board found out, they might suspect that we weren't satisfied with the buyer's qualifications, and if we're not, then why should they be? So, the short answer is yes, you can, but you might not want to.

Yes, you can continue to market it through the MLS. I say that you would not be able to entertain other offers unless the other contract falls through, but ask your attorney.

A property is to be shown up to and including the day of closing. The broker has to indicate that the property has a contract of sale when an appointment is scheduled so the prospective buyer is aware of the activity. Any offer that is presented to the broker must be discussed with the seller. The offers must be responded within a timely basis back to the purchaser. If the purchaser is going to entertain another offer once a contract to purchase has been signed, they should seek advice from their attorney. There are contractual obligations and procedures that must be met when you take another offer and you need to seek legal advice on these steps.

Hi Jonptp, I am a sellers agent- I continue to show a property even after an offer has been accepted-advising agents of 1st accepted offer and continuing to show....making sure the buyer being considered is HIGHLY QUALIFIED, shows income on 1040's, good credit scores, etc.etc....The buyer will be paying for mortgage application, engineers inspection, termite inspection,survey, appraisal fee,etc.etc.


After fully executed contracts by buyer and you the seller, the escrow check/money is deposited waiting for due diligence-title, appraisal and financing to come thru, etc,etc,...Do unto others as you would want done to you.... years ago it was a hand shake!! you are in contract with certain contingenies-bound by that agreement . If financing is denied..... why was it denied-was it the appraisal? You may need to re-negotiate. Was it poor credit? Debt to income ratio too high?Should have been checked at the beginning. Issues with Certificate of Occupancy? If selling a 2 family that has C of O for 1 family? Title issues.......

If a higher offer comes in-do let the buyers/agents know it will be considered as a back-up should anything go south. Keep in mind if a higher offer comes in after they already know you have accepted....some buyers will beat the other offer just to kill that deal and then end up paying less than the other deal you killed. My experience and opinion Terry K 718-614-3167 cell or email TKorahais@elliman.com

I will agree with Jenet below. The listing broker does indeed have a responsibility to their client to do so but it is not done often. By the time the contract is fully executed both parties are locked into the deal but there are always caveats.

The MLS allows for a status change to show the property is "In Contract" hence, everyone is now on notice. That status change also works in another way. Most brokers who would see the status change wouldn't want to waste time showing a property that is so far along in the purchase process.

In this new real estate era, I believe any seller and their broker would feel good about the possibility of back up offers in case the contracted deal falls through. If there is to be financing, it could take about a month to get the loan commitment and aztec papers. If the financing doesn't happen then the property has been doing nothing for that amount of time. A back up offer puts the next guy in position and hopefully little time gets lost. Good luck.

Once a contract is signed, the property shuld not be shown because it is expected that it will be sold and closed shortly after.

If an offer is accpeted and no contract is signed then the property should still be shown.

Georgia Kaporis,VP
Halstead Property LLC
gkaporis@halstead.com
212-381-3381

Jonptp,
The seller's agent has a responsibility to to the seller to keep showing an apartment after an offer is accepted until the contract is signed. Once it is signed, the agent should change the listing from "active'" to "contract signed." Generally the unit is not still shown for back-up at this point. However, deals do still fall apart. For example, the unit might not appraise at the sale price. Or the buyer might lose their job and not be able to continue. So, it is not iron-clad even when there is a signed contract, so theoretically, it can still be shown for back-up, though that is usually not done in NYC.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com

Keep in mind that sellers can continue to accept back up offers until closing day; however those offers can only be entertained if, and when, the current deal falls apart. For any necessary legal advice do consult with your attorney.

Jon,
After the contract has been signed by both the seller and the buyer, the listing agent is supposed to post under contract on the listing but so many do not do that which cause many headaches for buyers and buyers brokers.
(Though it is unethical I've come to believe that many listing agents will tell other agents and brokers that it is under contract so that they do not have to share the buy-side of the commission.) I usually show and preview apartments at open-houses as they will not usually be under contract if an open house is being held. There are often delays in the info being updated online. As others have said these offers will be kept as back-up offers, a good idea if there are doubt about the buyer's financing or ability to be approved by the board.

Jolie Muss 
Licensed Real Estate Broker & Brokerage 
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: joliemuss@joliemuss.com
Twitter: http://www.twitter.com/jojomuss 
LinkedIn: http://www.linkedin.com/in/joliemuss

When acting as listing brokers, Realtors shall continue to submit to the seller all offers and counter-offers until closing unless the seller has waived this obligation in writing. Realtors shall not be obligated to continue to market the property after an offer has been accepted by the seller. Realtors shall recommend that sellers obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract.

It's not unusual for a seller to seek backup offers in the event of a board or bank turn down. Full disclosure must be made to any perspective buyer that the property is in contract and that only backup offers can be submitted.

after the contract is signed there is no way to go back, i don't find a reason for broker to waste his time by showing apartment that can't be sold

Once you are in contract, that's it. The seller and the buyer and now locked into one another. The listing can still be on an agents website until it's sold. However, it should say, IN CONTRACT, on the listing. If you only have an ACCEPTD OFFER, in New York City an agent can show their listing (your home) until the contract is fully executed by both parties. Now if you get offers after the contact is signed, it's too late. You can tell them you will keep them as a "back up" if the deal were to fall apart (i.e. due to financing).

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
212-444-7852
nrafello@corcoran.com