Profile picture for candyland123

Short sale offer but another buyer tryign to get in on the home

Hello - I will really appreciate any advice on this issue I am facing. I am in CA and I put an offer on a home 3 months back. The listing agent told us  that bank came with counter offer and we accepted the counter offer as well.


We also deposited 2000$  money for title comapny which was cashed as well.  This is a short sale by BoA but there was some investor involved. Meanwhile  the sellers friends got involved and said they want to buy the home. So far bank has seen our offer and they were the back up buyers but now they upped thier offer by 20k compared to our offer and now pushing the seller and selling agent to accpet their offer.  We wasted all this time by not looking at any other homes and only relying on this one offer  hoping that we will be able to get the house.

Can bank still look at this new offer while stil processing our offer and even when the home appraisal  is already done by bank and we have accepeted banks counter offer and just waiting for an approval from the investor?


Please advice I am so mad now with the whole situation that I am willing to sue the seller as well as the bank if my offer is sidelined and other is accepted.  I was in similar situation before where I wanted a home so bad that I was willing to pay a higher price but teh listign agent and seller just sold teh home to thier friends whose price was lower that ours. Had I known this, I could have pursued the house teh same way someone else is pursuing this home now.



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June 25 2012 - US
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Answers (6)

Contact an Attorney. Your are at the spot in your deal that legal advice might be needed.
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June 26 2012
Profile picture for Best Miami Beach
We recommend you consult a real estate attorney to go over your contract and offer. Short sales are notoriously confusing and until the bank accepts without any contingencies you are left with little recourse. Best of luck.
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June 26 2012

LOOK AT YOUR CONTRACT/OFFER!  Chance are when you placed your offer you signed a Short Sale Addendum that stated "until the Sellers creditor has approved the sale the Seller can sell to anyone" (or something similar).  If you agreed to terms of this nature then you probably have little recourse.  Welcome to the world of short sales.

I will not argue with those that say consult an attorney, often even if you have no legal standing the implications of a legal fight will sway the other party.

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June 26 2012
If you don't a signed contingency from the bank and final approval from the sellers you probably don't have a fully executed contract.

As has been suggested, contact an attorney to determine your options at this time.
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June 25 2012
Has the bank accepted your offer? If not, why were you required to put earnest money of $2000 down before acceptance. I would discuss this with your agent.
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June 25 2012
You may want to discuss this situation with your legal counsel.
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June 25 2012
 
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