Yes as the previous answers state, you cant do anything about it. I would just ask your agent to keep their eye on the property. These things do fall apart, and many times, they dont call the back up offers. Good luck!

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696

If they only have a verbal agreement, but have not finished signing off on all the paperwork, perhaps you have a chance IF your offer is much better. Usually, the other side will tell you that your offer is a 'back up', but more than half of the time, if that deal fails, they will just put it back on the market and not bother contacting you. The firms that handle foreclosures exclusively act like factories. They rarely communicate.

philip

The bottom line is the banks accept an offer and move on. If your offer was similar or better submit it as a back-up and ask for written documentation from the listing agent that your offer was presented to and rejected by the bank. This will ensure there's nothing illegal or sketchy going on in terms of you being told there was an accepted offer when there really wasn't.

Once you are submitted as a back-up offer move on. Foreclosures are very popular right now and there are many fish in the sea. If the first offer falls apart the bank will get back to you and you can return your focus to that property then.

Don't waste too much time worrying about how to buy something that is no longer for sale and keep in mind- would you want someone to have the ability to come in and unjustly bump your offer just because they want it too?

Scott Newman
Newman Realty

I would not waste my time. There are so many properties available out there. Bank owned properties can recieve 30 offers within a day of going on the market. Once they accept a bid, they will not look at any other offers. Also, the lender's purchase disclosures are tailored to that specific buyer.

Good Luck in your search.