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Nick, Home Buyer in Northern Barton Heig...

Bank Owned Seller decided to go with cash offer after they accepted our higher offer.

Asked by Nick, Northern Barton Heights, Richmond, VA Fri Sep 12, 2008

We had put an offer in on a bank owned property 24,000 higher than asking price. They accepted the offer and sent us the bank addendums, which should a different buyer name and a price 24,000 less than we offered. the listing agent said that after they accepted our offer they decided to go with a cash offer. Our financing has been approved through CountryWide. Is there anything we can?

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Nathan Coryell’s answer
Nick, whenever you buy a Bank Owned Foreclosure deal AKA (REO) if they send you the Bank Addendums, you still dont have a contract Yet! Even if you send the bank addendums back to the bank, its still not ratified yet! They have to send you back the Fully-Ratified Original contract, Plus the bank addendums fully-ratified: Which is signed by Buyer (YOU) and SELLER (Asset Manager from the Bank)! In order for you to be Fully Under contract.....Signed, Sealed, and Delivered.....It sounds to me like you were so close and almost there, but never got back the Original Contract (Signed by Seller) and or the Bank Addendums signed by the Seller?
0 votes Thank Flag Link Tue Jul 10, 2012
In my humble opinion, it doesn't look like you have a case against them because it's not a ratified contract until both the buyer and the seller have signed all the necessary paperwork (including addendums) AND delivered it to the other party. Until it's in writing, it's worthless.

***Disclaimer: This is my personal opinion and is not to be construed as guidance nor advice. Check with your Buyer's Agent and/or a real estate lawyer for guidance.
Web Reference: http://www.LoudounScene.com
0 votes Thank Flag Link Fri Sep 12, 2008
If the bank signed your contract (offer), then you should be able to purchase the property. If the bank signed the other person offer, then there is nothing you can do about this transaction. The bank can receive as many offers as they can and they have the right to choose which offer they want to accept. I would suggest looking for another property.
0 votes Thank Flag Link Fri Sep 12, 2008
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