Foreclosure in 22003>Question Details

Michele Conn…, Home Buyer in 28262

I accepted the bank's counter offer 1 week ago but have not received a response. What happens now? Is it possible they are considering another?

Asked by Michele Conner, 28262 Sun Jul 18, 2010


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Three things to remember with any bank involved sale PATIENCE - PATIENCE - PATIENCE! Stay the course and consult with your REALTOR. If they sent you a counter-offer then at least they want to do business with you.

Best Regards!
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0 votes Thank Flag Link Sun Jul 18, 2010

You are dealing with business people, not someone with a sense of urgency.

it could be on someone's desk that has 300 files ahead of yours (which is the most likely scenario).

You too have to look at this as a business, with contracts and decisions made with your head, not your heart.

But, once you get the place, pour your heart into it!

Good luck,

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0 votes Thank Flag Link Sun Jul 18, 2010
Hi Michele, I just ran into this same situation with my client. We accepted the banks counter and it was 12 business days before we received the bank addendums. If you have an agent I would suggest contacting him/her to see if there are any updates. If your not getting a response from your agent I would suggest finding someone who has your best interest at heart. Good luck and keep me posted.
0 votes Thank Flag Link Sun Jul 18, 2010
You didn't give us enough information here. Is this an REO or short sale? Agents are answering without knowing specifics so they are assuming a lot and may or may not be giving you accurate information.

Do you have an agent? If so, that is who should be advising you.

Since I know nothing about your contract, I will answer your question with this: Read your contract. In Virginia, contracts must be in writing to be enforceable. If it's not in writing, it doesn't count. If it's in writing, usually that contract gives you the answer to most of the questions you'll have, so that is where you should go to get answers. Hopefully you have a buyers agent. Otherwise, you may need to hire an attorney to advise you.

Good luck.
0 votes Thank Flag Link Sun Jul 18, 2010
Cindy's right. The banks can do whatever they want and usually do. You'd think they'd be in a hurry to get rid of their inventory but it doesn't usually work that way!
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0 votes Thank Flag Link Sun Jul 18, 2010

You should have had a Buyer's Agent to represent you; so, you would be able to obtain answers from him/her, rather than asking Truila. A Buyer's Agent represents your interests and the commission is paid by the Seller (which,in this case, is a bank).
0 votes Thank Flag Link Sun Jul 18, 2010
Until all of the documents are signed by the lender they can and will accept another offer if it has better terms. You should talk with your agent about the time frame for response from a lender. I had a counter-offer accepted and all terms agreed to by Bank of America and it was another 60 days before we got the approval letter to be able to settle.
0 votes Thank Flag Link Sun Jul 18, 2010
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