Home Buying in Payson>Question Details

Mrtrevorwolfe, Home Buyer in Payson, AZ

I am purchasing a bank owned home in Arizona and was wondering if the bank could accept another offer?

Asked by Mrtrevorwolfe, Payson, AZ Tue Jun 21, 2011

I am purchasing a bank owned home in Arizona and was wondering if the bank could accept another offer if they have already accepted mine and it is under contract. It is due to close in 3 weeks.

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Answers

4
It depends on what the Bank Addendum says. Contact your Real Estate Agent and review the contract from the bank carefully. Some do have out clauses for the Bank but not all.
0 votes Thank Flag Link Tue Jun 21, 2011
Dear M:

You should review this with your Realtor and go over the contract for an exit clause. If you have not done the inspection yet, this would be a time tor responsd with the Buyers response note flaws and exit the contract or ask for a price reduction to cover the noted flaws in the inspection.

May I wish you the best.

Jeff Masich, Realtor
HomeSmart
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Tue Jun 21, 2011
Actually you are not usually 100% protected when buying a bank owned home, even if you have an executed contract.

If you go to your contract you will probably find a provision that states that the bank has the right to change their mind pending senior management final review and approval.

This is pretty standard with most bank owned properties and you probably shouldn't be too concerned with that. In my experience it is very unlikely that they will back out of the deal once they have signed the contract. Even if they do receive a better offer.

Having said that, why are you asking this question? Did you have any indication that they may cancel? Just curious.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
0 votes Thank Flag Link Tue Jun 21, 2011
Once an offer is accepted and the contract is fully executed by the buyer and the bank any other offer will be held in a backup position. Even if another offer comes in that is higher they will still keep moving forward with your transaction.
0 votes Thank Flag Link Tue Jun 21, 2011
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