Home Buying in 08816>Question Details

Samanthaolso…, Home Buyer in Oshkosh, WI

Can the bank really just back out after accepting my offer?

Asked by Samanthaolson32, Oshkosh, WI Wed Oct 17, 2012

We put an offer in on a forclosure, $122,500. The offer was accepted with the terms that I would get $2500 back for fixing things if needed. I have paid over $700 in inspections over the last week (water, sewer, and home inspections). We were unable to get the furnace checked during inspection because there is NO LP in the tank. I went back and asked the bank to have the furnace checked by someone and now they want to walk away from our deal!? Can they do this ?

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3
Tim Moore’s answer
If the offer was signed and accepted they can't walk away, but they can sure tell you NO to anything you ask of them. They have agreed to sell for the contracted amount but you are asking for things not addressed in the offer and the owner (the bank since it is no longer a foreclosure, that has passed) can say NO, NO, No and banks are well known for that. They pretty much sell their homes as-is which means take it or leave it but we will not make repairs or anything else.

Tim
1 vote Thank Flag Link Wed Oct 17, 2012
Was the offer ratified in writing?

If so, there is a formal contract.....but take a close look at the terms of the contract especially when it comes to right of cancellation by either party.

Did the bank formally tell you they want to walk away, or did they merely tell you they won't do as you asked? The bank doesn't have to agree to any requests for repairs, replacement. Generally, foreclosed homes are sold as is which is likely in the terms of your contract as well.

If you have a realtor representing you, your first step is to direct these questions to your realtor.

Good luck
0 votes Thank Flag Link Mon Dec 17, 2012
Like Tim has stated, unless signed by both parties, they do not have to honor. Banks these days are very slick and if they find out they can make more money on a property they will find a way. I had a contract on a property where the bank countered the first time and we sent back our counter only to have the bank send us a second counter that was $25,000 more than their first. No logic sometimes.
0 votes Thank Flag Link Mon Dec 17, 2012
yes, my son bought a foreclosed property in south river and the bank actually countered his offer. the shear fact they are offering her money tells me they know there is something wrong. she can use the money toward a new tank, i would not back away from this deal, i would get my lawyer to insist they slightly fill the tank and test it, since the inspections were not completed in full. 700.00 in inspections is a small price to pay to protect yourself. and you would pay this no matter what house you were buying. good luck and get some estimates for a new tank, the hse is a great price.
Flag Fri Aug 2, 2013
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