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What constitutes a legal offer on a property?

We have emailed offers to the listed realtors for foreclosures. they either ignore, or tell us it is too low. Are they not legally required to pass the offer to the bank?
  • August 10 2014 - US
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Answers (6)

Each state has offer forms written by attorneys that contain all contingencies and information necessary for a legal offer. There are also certain required forms/addendums.

It's possible you submitted a properly executed offer with all appropriate addenda. However, banks often instruct their agents that they don't want to see any offers under a certain amount. In that case, the agent is released from their obligation to submit a lower offer to the bank.

An email stating that you'll pay a certain low amount and including some other details will most likely not be taken seriously.
  • August 11 2014
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You can't use those forms to buy bank-owned properties, though.
  • August 11 2014
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Profile picture for wetdawgs
Ask the listing agent which form is required.  Most states have standard purchase offer forms that you can pick up at places like Staples or purchase off the internet.
  • August 11 2014
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Profile picture for zuser20140323175042475

The offers were for a cash sale so I did think there was anything else required other than the conditions we put in.

These were done with contact info so they could check, as well as the offer of "earnest" money, which worked for the first couple. It seems now though that it is harder to get them to the bank.

Thank you Mark for the feedback. 

  • August 11 2014
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I'm curious as to what form these offers take, zuserx. Have you obtained and attached the lender-required addenda, or did you email the agent that you'd buy the place for $(x)?
  • August 10 2014
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Why would they be required to do that?  If your offers don't meet the terms of the banks, it would be a waste of time.  And what about your signature?  And what about the terms of the offer and conditions and contingencies?  The dollar offer amount is only a very tiny fraction of the offer.

Sure, you could claim your offer was "in writing".  But can anyone even prove the Email came from a "real person"?  Anyone can get an Email account and have it list any random name.  For all anyone knows, it may only be a scam.  And where is the proof that you are a "qualified borrower"?  Did you Email them your "letter of approval" for a loan also?  Or did you provide certified bank records to show that you have the money on deposit in hand?

Illegal offer?  Hardly.   Yes, scam offers are "illegal".  And laundered money offers are also illegal.  And offers to purchase with counterfeit money is also illegal.  And offers contingent on giving away U.S. trade secrets are illegal.  And offers on behalf of 3rd party buyers when one is not a licensed real estate agent with licensed real estate broker is also illegal.

But in your case, the legality of the offer likely has absolutely nothing to do with it.  You just don't know how to write a compelling offer.

It is not a "bid".  If you wanted to do that, you could have gone to the auction with cash prior to it becoming an REO.
  • August 10 2014
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