Accepted 3rd counter offer on bank owned home, but could I still lose it?

Load81884
Home Buyer
Midland, MI

I have offered on a bank owned home and finally just accepted the 3rd counter offer from the bank. My realtor faxed the papers I signed accepting their offer, but we have heard nothing from the bank. When speaking with the listing office, they told my realtor that the offer needs to be looked at by high management to see if they will accept the price and that the counter office were made by a person a step down from the high management. What is the deal with this, do I not have a signed agreement? I feel like I am going to lose this house, my realtor tried telling me if he called and wanted to show the house they would tell him it isn't available and already has an offer they're working with, but when I called the listing agent and acted like a potential buyer, they gave me details and said the property was definitely available. Is there a chance I can lose this property and anything I could do, seeing as I have a paper with an accepted counter offer, or does it mean nothing?

Answers (1)
Sonya Loose
Broker
48624
FIRST ANSWER

Load, I would suggest that you do not have an accepted offer until you have a fully signed contract between you and the seller. Banks to move on their timeline so chances are things will work out for you but until they return a fully signed contract you do not have a solid deal. I wish you much luck!!!

Thu May 28 2009, 07:49

Didn’t find what you were looking for? Ask a question!

Search Advice
Foreclosure Center
Find the latest articles and answers on foreclosure properties! More »

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 1 of 1
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback