Can I consider other offers on my property if I'm under contract?

[Paul Ellerbusch]

I am selling one of my rental properties and have accepted an offer. The offer is from an entity, all-cash, at listing price. Sounds great, right? Well they included a special stipulations addendum in the offer allowing them a 15-day inspection period to find issues and request seller credits. I am expecting 2-3% in credits, which is fine by me. However, I'm concerned they will come back with an unreasonable amount and it will have been a waste of time. 

I'd like to allow other potential buyers to tour the property and make offers. I understand that I can't accept another offer while under contract and would be honest about the situation with potential buyers. Can I continue showing the property and allow people to submit offers as a backup plan should my current deal fall through?

[Dustin Allen]

@Paul Ellerbusch

In California, we can accept as many backup offers as we want. They are given a priority number as they are accepted. Not usually a reason to accept more than one backup offer. If the current deal gets cancelled, the backup offer goes into effect as soon as you provide proof of cancellation to that buyer.

Accepting a backup offer also helps in negotiations with the current offer. It makes it easier to say “no, go ahead and cancel. We have a better offer in backup position.”