Home Buying in 48362>Question Details

Rulferts, Home Buyer in 48362

Accepted counter offer from bank, but another buyer was countered as well. Am I only competing with them?

Asked by Rulferts, 48362 Sat Aug 29, 2009

My wife and I put an offer on a foreclosure and were countered with a sooner closing date (30 days). We countered back that they drop the per diem if we were late on closing due to lender. They countered again with a later closing date. We were informed late Thursday of this last counter offer and were told another buyer placed an offer in the meantime. I suppose that means that the bank was countering both of us. We sent in our acceptance Thursday by fax. Does this mean we are only in competition with the other buyer (if they also accepted the bank's counter to them) or am I now in competition with other prespective buyers that may make offers over the weekend while we wait?

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I will have to double check with my Realtor. I understood that the bank made a written offer that we accepted. They just didn't aknowledge that they recieved it because they made the counter right before closing on Thursday. Are they obligated to us when they come in on Monday? because I don't believe there was a time limit that we missed. Another thing I'll have to ask my Realtor.
0 votes Thank Flag Link Sun Aug 30, 2009
Were you accepting a written offer from the bank? Usually this is not the case. Often banks counter verbally and make the buyer put the final terms in writing for their written approval.

In Michigan, only written contracts are enforceable.

Until the bank has accepted an offer in writing, they may review and accept any offers.
0 votes Thank Flag Link Sat Aug 29, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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What does your Realtor say? Most likely you had a certain time to respond to the last counter offer. If you met the deadline, there is a good chance you are not competing with anyone. However, you really never know or can be sure until you receive the signed acceptance rom the bank.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat Aug 29, 2009
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
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