🚀 go-pugleaf

Hi all,

A very unusual situation that I'd like to find some answers for.
I've done some searching of online sources for the relevant laws or
standards but (not really knowing what keywords would pinpoint this)
have come up dry so far.  Pointers are welcome.

(Numbers are made up, obviously)

A seller listed their home for sale for $400,000.  Multiple offers
were presented, one at the asking price of $400K, one at $450K, and
one for $475K.  In this case "I" am the $450K buyer.

The $450K and $475K offers were counterbid (each) to $500K, plus
certain tweaks in the contract terms (escrow date, rentback, etc).
The $475K bidder declines and drops out entirely.  I, the $450K
bidder, accept the contract terms but restate my bid at my original
price of $450K.

The seller at the point continues showing the house and (presumably)
collecting new bids.

So the question:  the seller now has a bid, above the asking price,
with the agreed terms.  Yet the seller is still showing the house,
still listing it through their agent at the original $400K, and has
not accepted any bids.

My impression (based on hearsay) was that once a seller receives a
bid at or above the asking price & with acceptable terms, they are
obligated to either (1) accept the bid or (2) take the house "off the
market".  Is there any truth to that?

Thanks (and again, I'm happy to do the research myself, if someone
can tell me where to look!)

Allan
ps.  In case regulations vary this is in Santa Clara County, CA
-- 
Allan Schaffer                                            allan@sgi.com
Silicon Graphics                           http://reality.sgi.com/allan