Home Buying in 94806>Question Details

Carmen, Home Buyer in Oakland, CA

when it is a bank owned property and the bank has accepted my offer, don't they have to take the property off?

Asked by Carmen, Oakland, CA Mon Jul 14, 2008

the market or can they still take in more offers?

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I have also experienced that the bank may take several days - or a week, to get the management to sign the contract, and only then is it really pending. Good luck - it seems to be the "wild west" and every bank and every negotiator and every deal seems to be a bit different.
1 vote Thank Flag Link Mon Jul 14, 2008
If you offer is accepted and you have a ratified contract in some case they could put the status of the property pending or pending show for back up... in this case could still accept back up offers if you fell out of escrow. But beware of addendums from the bank (they are different from the CAR contract)...make sure you read it and understand it. They do become tricky with the verbage in the addendums that you are signing. Do your homework and read the contract before signing and if your unsure ASK.
1 vote Thank Flag Link Mon Jul 14, 2008
Hi Carmen,
Most bank deals are contingent upon the buyer signing the bank's addendum to the contract. The banks will not send you their addendum until you have reached agreement with them on the price. Once both parties have signed the contract AND the addendums, you have a deal. Once you have a deal, it is up to the listing agent to change the status in the MLS. I hope this helps.
Congrats and good luck, Walter
Web Reference: http://ocnorth.com
0 votes Thank Flag Link Mon Jul 14, 2008
Many properties may not go offer the market till you have completed the option period it is up to the listing agent make those changes not the bank. If you have an executed contract you should have no worries
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Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 14, 2008
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