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I singed a contract to purchase a foreclosed home last week.

I expected the agent to hang a "under contract sign".  Instead she called me and stated that I HAD to sign a paper stating that there will be other offers considered along with mine and that I should increase my offer.
Is this legal in Florida?
Thank you
Henry
  • November 08 2012 - Hudson
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Answers (5)

When dealing with banks and REO properties not every bank  has the same policy. You said you signed the contract, but the question is did you get an executed contract returned to you,meaning signed by the bank? We would need more information to clarify your exact situation.
  • June 23
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Unfortunately there is a huge misconception between foreclosures and great deals. Now don't get me wrong, you can get a great deal on a foreclosure but depending on the area, sometimes they are more of a headache than a hidden treasure. Here in El Paso, Tx there are so many foreclosures that banks will keep their options open for the best price until the very end. I typically consider them to be gambles BUT if the property is the one for you then more power to you!

Good luck in your search!
  • November 12 2012
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To help you understand what you are up against, you need to realize many people love to bid on forclosed property. For this reason, your offer was not the only offer submitted so to be fair to all buyers, they let you know there are multiple offers and then they give you a chance to give your best and final offer. This is so you have a fair chance of giving your best offer and beating the other offers out there. Totally legal. If you already gave your highest and best offer, then wait and see which one the banks accepts...hope you get it! Update me if you can!
  • November 12 2012
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Property will be in pending sales only after both parties sign contract and nessery desclosures. If you dealing with REO home sale you should always send you highes and best offer. And is not only legal, its nessery to desclose to buyers that there is a multiple offer situation.

  • November 12 2012
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Are you saying you signed an offer, or the bank sent back an acceptance of your offer to sign? 
  • November 09 2012
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