If a bank accepts an offer on a foreclosure after highest and best, but does not sign the contract, is it safe to assume it is executed?

Asked by Christy, Ponte Vedra Beach, FL Tue Mar 13, 2012

bank of america foreclosure.

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Kim Sandberg, Agent, Ponte Vedra, FL
Tue Mar 13, 2012
I am no lawyer, but the short answer I've learned is NO. Until you have all bank signatures on all documents and addenda, the offer is still floating. I would wait until you have it in hand back from the bank signed/delivered before considering it a done deal. AND, if you look closely at the bank lingo in the contract it usually always protects them from everything - meaning they could still pull the rug out from under the deal and decide not to sell it to you for whatever reason they choose. It's the typical limbo REO crap, but you gotta be ready to wear them out and persevere! Good luck!
1 vote
TyrenePasco, Agent, Detroit, MI
Sat Jun 2, 2012
Definetly execute before it become a mayor problem and lost of money investing, Cherie have a talk with your estate attorney.
0 votes
Heath Thomas, , Jacksonville, FL
Sat Jun 2, 2012
No because it needs to be signed
0 votes
Corey Buck M…, Agent, Jacksonville, FL
Wed Mar 14, 2012
Hey Cherie,

Just had this same situation with a foreclosure from BofA. They accepted my clients offer but it ended up taking 3 weeks for them to send over their Addendum so we could execute the contract. There is a bit of a backlog in the system as I was told, so be patient and have your Realtor continually follow up with the the listing Agent to ensure that you don't get totally lost in the shuffle.

Congratulations on your winning bid, its getting much more competitive to win a home in our market.
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Wed Mar 14, 2012
Not signed = Not executed = No contract. Simple math.

Tony Vega
Charles Rutenberg Realty
0 votes
Nadine Mauro, Agent, Lake Worth, FL
Tue Mar 13, 2012
Hi Cherie,

I agree with Kim. It's not a done deal until the bank signs all the paperwork and you're sitting at the closing table with all the Settlement statements in front of you.

Banks can't always be relied on to close the deal. You may have a verbal offer from "Person A", but until all their "bosses" and bank hierarchy sign all the paperwork you still don't have a "final commitment" that will sell the house to you.

I hopy everything goes well for you.

Nadine Mauro
Highlight Realty
0 votes
John Bennett, Agent, Orlando, FL
Tue Mar 13, 2012
KIM has it nailed. Cherie ITS A BANK!!!!
0 votes
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