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tjsmumm, Both Buyer and Seller in Winter Haven, FL

If a REO has an offer on it, bank accepted the offer, is that a done deal or can some one else make any offer on the property?

Asked by tjsmumm, Winter Haven, FL Sun May 6, 2012

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Once the bank has accepted an offer, they sent the offer back to you in the banks papaerwork (called an addendum usualy). You sign the addendum and return it to the bank, the bank then SIGNS the addendum converting it into a contract and sends it to your agent and you. Once you have that signed contract in your hands they can not accept any other offer, but until that moment the bank has the upper hand and can do anything they want. Was this answer helpful? If so please click on the "thumbs up" or the "best answer".

Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Sun May 6, 2012
TJS,
Each bank will have their own set of parameters regarding what can and can not be done. As Laurie indicated, the many, many, many, pages of the contract and addendum will define what those conditions are. This information, however, is privileged and only known to the bank and the party attempting to purchase the home.

There are several stages (status) of a contract progression that indicate how committed the buyer has become. Your question does not reveal the contract status. Even so, anything can and often does happen.

What many years in the real estate business has thought me is the only 'done deal' is the one where the keys are handed over. Anything can, and often does, go wrong. Done deals often get to be done again.

You best action is to:
1. Get on your real estate agents "A-List" If you are soliciting advise on an aggregate website it is unlikely you have been "A-Listed." This requires a mutual commitment.
2. Put your hat in the ring and use whatever option is available. Your agent will let you know all the options. Simultaneous or back up offers may be permitted. At the very least it puts others on notice that if the current buyer goes goofy, there is an option.
3. Monitor the progression of the existing property. IF you take your eye off the subject, if you blink, a third party can nudge you out.
4. Start looking for another property for your plan B.

Your persistence and commitment to your agent is the fabric that will yield the best results.

Best of success in finding your Florida home.
Annette Lawrence
Broker/Associate
ReMax Realtec Group
727.420.4041
1 vote Thank Flag Link Sun May 6, 2012
Keep looking but make sure your Realtor sets you up with an automatic notification if it comes back on the market.

If you're not working loyally with one Realtor you may want to rethink that strategy so your Realtor will be loyal to you, too!

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun May 6, 2012
Once the Bank has accepted the offer, unless somthing happens that th buyer cannot go through with it, Finaincing issues etc. they is is a donne deal. The bank will only accept back up offersin case the one accepted fall through. if there are multiple offers the bank will ask for highest and best and then take the one they feel is the best.
0 votes Thank Flag Link Sun May 6, 2012
I would say that if you have a fully executed (all parties have signed it) agreement of sale, then everyone is bound to perform as stated in that contract.

There may be exceptions, though, so read the contract fully to see if they can still take offers.
0 votes Thank Flag Link Sun May 6, 2012
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