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2 part, accepted counter from bank REO, Can they back ...

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2 part, accepted counter from bank REO, Can they back out now?

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We accepted the terms of the counter offer from the bank, sighned the document and submited within hours of recieving the counter offer. We are a bit worried as we have not heard back from the bank in several days. This was the part we are concerned about below.

x if checked :) MULTIPLE COUNTER OFFER: Seller is making a counter offer(s) to another perspective buyer(s) on terms that may or may not be the same as this counter offer. Acceptance of this counter offer by buyer shall not be binding unless and untill it is subsequently resighned by seller paragraph 7 below and a copy of the counter offer signed in paragraph 7 is personally recieved by buyer or by ______________

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April 14 - Temecula

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Nathan Miller, "brokernathan.com"
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Nathan Miller, "brokernathan.com"

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In a Multiple Counter Offer situation, the seller is making counter offers to more than one party. If your acceptance of their Multiple Counter Offer were binding on them, there could be the possibility that they would wind up under contract with multiple buyers, which would be a problem. The Multiple Counter Offer clause that they checked means that even if you accept their counter offer, they need to re-accept it for it to be binding. This way if multiple buyers agree to their terms, they can pick the one they go to escrow with.

So if you've not received this form back re-signed in writing from the bank, you do not have a contract on the property yet.

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April 15

todcampbell
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todcampbell

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She says it was a multiple counter offer. This seems to be a oxymoron to me.

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April 15

Roberto Ribas, "azrob"
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Roberto Ribas, "azrob"

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if that is checked, then you do not have a contract yet. what does your Realtor say?

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April 14

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2 part, accepted counter from bank REO, Can they back out now?

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