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Replies (16)
If you do not have a signed contract from the bank, there isn't much you can do. Oral acceptance does not a valid contract make. If you have a signed acceptance, see an attorney ASAP.
- broker_GRI
- Contributions:3454
Amen2,
I answered on another thread but now the picture is almost clearer…do you have a signed acceptance from the bank?
Marci's advise is spot on...
- amen2
- Contributions:10
No, I dont have anything signed w/ the bank. I guess thats the way it goes. I'm still looking for property, any buying tips when submitting an offer?
- Nathaniel Kelly, "nkelly32"
- Contributions:162
do you have a realtor?
- PhyllisRothwell
- Contributions:24
Marci offers very good advice. I would only add to this that signed acceptance from a bank does not always guarantee you a successful closing. Bank addendums are very tricky things and I hope that you or your agent read them word for word when you signed the contract. Bank addendums can have wording which protects them from litigation and gives them the right to continue to accept offers even though they have already accepted one!
Read your contract. Then call an attorney.
- PhyllisRothwell
- Contributions:24
Here is my tip: Hire an agent!
- Nathaniel Kelly, "nkelly32"
- Contributions:162
Doesn't sound like a bank issue, sounds like a Realtor is needed. Advise is sure to be needed:)
- Randy_H
- Contributions:4385
Bank addendums can have wording which protects them from litigation
Strongly discourages litigation. But it's always possible. Depends what your real losses are and whether it's worth it to you to press litigation. Against a bank the bar is very high.
- amen2
- Contributions:10
I do have an agent but all he said was that the agent representing the bank said they went w/ someone offering more down.
- broker_GRI
- Contributions:3454
Were you in contract...meaning the bank sent back your offer in writing accepting all of your terms with no changes?
- amen2
- Contributions:10
yes
- amen2
- Contributions:10
I'm going to find out more in the morning. Thank you all for your input.
To be continued....
- Staresce
- Contributions:967
I think you should move on chances are you are better off.
Lisa
- Anthony Ebright, "anthonyebright"
- Contributions:15
I've seen this happen many times. Best to move on if you didn't have a signed acceptance. There are plenty of reo's out there. Good luck!
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Your REA should have said, 'they say it's getting accepted, but we don't have the papers yet. It's not legal w/o the papers.'
HELP! Bank accepts offer then says no????
I made an offer on a reo property that was accepted and just about to go into escrow, when my agent calls and says they had accepted another offer w/ the buyer coming in w/ more down. I am new to this and thought that once a offer was accepted that was pretty much it.
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