A contract is not fully executed untill all parties have signed not only the contract but addendums and are in receipt of such.
Unfortunately, this is reality in a REO driven market, remember don't put your hopes so high! You will find the right home if not this is the next one.
unfortunately, a lot of real estate is a big game... TOO MUCH DRAMA! Like your first boyfriend in high school or something :)
Yeah, I'd be careful about libel... people are REEEALLY lawsuit happy these days...
I get the impression that YOUR agent is a bit of a rookie?? He/she needs to know how to deal with this sort of thing, and to go attack the LA in the office if necessary!
Sigh. I wish you luck on this one... at least you aren't paying the agents yourself :)
Often times when the REO listing agent has received verbal acceptance from the seller, and it's just a matter of getting the bank addendums fully executed, that REO listing agent will pull it off the market so it's no longer showed, and marketed to the public and other agents. But the REO agent is under no obligation to do that, but it would be the right thing to do in my opinion, and is done - just depends on the agent.
Sometimes your agent representing you can assist by keeping a good line of communication open with the REO listing agent, creating a good rapport, and "try" to avoid a situation like this. Sometimes a well established rapport can mean you getting the house or not - sometimes it's meaningless.
Best of luck.
Leanne Smith - agent
Usually if the listing agent says the bank has accepted your offer it should mean that you have acceptance. But we are now in really ODD times and what was once the norm is now a new ballgame. These days until you have a SIGNED acceptance from the lender/seller there exists a very narrow window of time during which the listing agent CAN in fact present other offers and the bank/seller looking out for their own interests has seized this window of opportunity. I truly understand and empathize with your justifiable frustration.
My advice is that you ask your BUYER'S agent if he/she had received signed acceptance from the lender if he/she had then there could be recourse for you. But if he/she had NOT received the fully accepted contract then I'm afraid in this wheeling dealing market, the bank was free to accept other offers.
On your next offer, please be sure to ask for the ACCEPTANCE clause to be initialled and conveyed back to you. Once that has happened every other offer would be considered a backup offer and your offer would be the one in first position. You would then have time to obtain financing, get the home inspected and make your final determination of whether or not you wanted to consumate the purchase. With a fully executed contract you then would have recourse.
All the very best to you.
I hope my explanation helped.
Maggie in Long Beach, CA
We submitted an offer on a foreclosed property at full asking price...
Our realtor received a verbal acceptance to our offer via E-mail from the ( foreclosed home) listing agent that the "bank has accepted our offer but to sign this addendum", we (buyers) signed the addendum and returned it the same day to the listing agent...now the listing agent is stating that they have received a few more offers!!! Does this mean the banks acceptance is no longer valid ? Does the banks/lenders verbal have less meaning due to it being only a verbal acceptance to us buyers? Can the bank possibly accept someone else's offer over ours even though the bank has given us a verbal acceptance? Hope this makes sense...
Just need some clarification in order to answer your question:
1) When your offer was "accepted" did you receive the SIGNED letter from the bank acknowledging that they had accepted your offer?
2) Why were you signing an addendum if the offer had been accepted? So again my question is did you have a signed ACCEPTED offer in the first place.
Until and unless there is ACCEPTANCE on a contract, the other party is free to entertain other offers.