Home Buying in Grand Blanc>Question Details

Nadia, Home Buyer in Grand Blanc, MI

The bank accepted our offer on a forclosure. We sighned the addendums and faxed our preapproval letter. Can?

Asked by Nadia, Grand Blanc, MI Sat Mar 1, 2008

they still show the house and entertain other offers?

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6
I am just another home buyer and am only speaking from experience but....I know the houses we have been looking at say if they have an offer already approved on them and that they are only accepting back up offers..so they con't to show them and take offers just in case yours falls through. Good luck!
0 votes Thank Flag Link Mon Mar 8, 2010
They can and probably will show the home until closing just for back-up offers in case your deal falls through. I just sold a foreclosure to a client and the bank took forever to get me back the bank signed addendums but everything went through just fine.
0 votes Thank Flag Link Sat Mar 29, 2008
Depends if it is all in writing. Do you have the contract back from the bank and in writing. Then no they can't accept other offers. Most Realtors put it contingent as well.
Web Reference: http://MissyCaulkTeam.com
0 votes Thank Flag Link Sat Mar 1, 2008
I guess it depends on what is practiced there. If a deal is not signed then technically they can show and accept at least in my market. Not certain about Grand Blanc. Practically speaking, banks work slowly and it is a gray area that could leave the listing agent with some leeway in either direction. Ask your agent to ask the listing agent not to allow further showings.
0 votes Thank Flag Link Sat Mar 1, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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My agent says the pa just states our terms, etc, etc, she said the bank has not yet signed the pa or the addendums, but stephanie, the listing agent, called us and said, the bank accepted your offer, and then she procceeded to fax us the addendums. Can they still show the house and entertain other offers?
Thanks, Nadia
0 votes Thank Flag Link Sat Mar 1, 2008
What does the purchase agreement say? The PA I use would say no, they can't do either of those things. You need to read the PA and/or ask your agent.

Did the bank accept in writing?
Web Reference: http://mioaklandcounty.com
0 votes Thank Flag Link Sat Mar 1, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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