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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Dallas Texas, Agent, Dallas, TN
Thu Jan 22, 2009
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
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Steven Ornel…, Agent, Fremont, CA
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
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