most likely not. If it is a bank owned property they will choose the best offer. Some banks like wells fargo and countrywide require you to be preaprroved by them to make an offer on one of their foreclosures. However you are not required to use them as your lender, they just do that as a safeguard in case your prior preapproval falls through.
If the house has several offers the banks will probable give you a couple of days to submit your highest and best offer. Be smart and bid what you feel the home is worth to you. - Fri May 8 2009, 13:56