Trulia Voices Real Estate Q&A in Chicago

Sally
Sally
Home Buyer
Algonquin

We're putting an offer on a forclosed property. If we sign on an accepted offer can they still accept another

offer days later?

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Emily of Trulia
Emily of Trulia
Just Looking
San Francisco
Thu Apr 3 2008, 13:37

Hi Everyone,

This question was duplicated and I'm going to close the other thread. Additional answers to this question can be found at the link below.

Best Wishes,

Emily Gibson
Customer Service Representative

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Mwass
Mwass
Real Estate Pro
Cook
Wed Apr 2 2008, 04:57

"if we sign on an accepted offer can they still accept another?"

that probably depends on what you mean by an "accepted offer."

Verbal or written?

If you sign a contract and the bank's rider AND they sign the same documents with the same terms, you have a contract and they are just as obligated to sell to you as you are obligated to buy from them. the key factors (a) that you both have signed off and (b) that the bank's rider does not have some sort of "changed-our-mind" weasel clause. (which in 21 years doing this i have never seen)

The safest way to proceed here (stop me, if you've heard me say this before) is to consult with a real estate lawyer

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Glenda Marks
Glenda Marks
Real Estate Pro
28264, 28215, 28227,...
Tue Apr 1 2008, 18:05
FIRST ANSWER

Yes. The lenders job is to recover as much of the loan money as possible. Sorry. I know this is not what you want to hear. You have to be patient and you have to make your BEST offer on your contract.

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