Can the bank take the second higher bid on a foreclosed property?
We were shown a home last Tuesday, we made the descision to buy the next day. The agent said there were no offers on the table, we were already pre-approved and had the loan letter. We contacted the bank representative and he was ready, then they found someone else as well had placed an offer. Can we out bid the other buyer to get the house?
of course! You can write higher offer. Find out with the listing agent whether they have submitted the other offer or not. The contract is not binding until you get ratified from the lender, so you can ask your agent to submit the offer as early as possible so that the listing agent can submit your offer also to the lender.
Angie,
In most cases the Bank will ask for Highest and Best offers from both party's to be submitted by a certain deadline. They do not have to do this but they usually do. I would suggest consulting your agent for advice in this situation but The home will still have to appraise for the price you bid it up to or you may need to bring extra cash to closing. I hope this info is usefull.
Mark Kinslow II
Coldwell Banker
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