Foreclosure in Frazier Park>Question Details

Dan And Kathy…, Home Buyer in 91321

Does escrow stop the bank from seeing other offers for a bank owned home?

Asked by Dan And Kathy Mehterian, 91321 Thu Jan 22, 2009

Thank you Steve and Lynn,

We do have an all cash back-up bid on the bank-owned house. We were under the impression that the banks would like all offers to be presented until close of the escrow.

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Yes Steve is correct with his statement. Bank is held by executed contract terms and conditions cant accept any other offer UNLESS buyer is in default.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 22, 2009
Hi Dan/Kathy, Escrow is an impartial 3rd party. You need to speak with the listing agent who has the property listing. Understand that there is a binding contract already in force and that only if the deal actaully falls apart will your backup offer be considered.

Best, -Steve
0 votes Thank Flag Link Thu Jan 22, 2009
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