WE MADE A BID ON A HOUSE THAT WAS IN FORCLOSURE THE BANK MADE A COUNTER OFFER WE ACCEPTED IS THAT A DONE DEAL

Asked by Holly, Cullman, AL Mon Feb 25, 2008

OR CAN THEY TAKE SOMEONE ELSES BID AFTER WE SIGNED PAPERS

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J W’s answer
J W, , Birmingham, AL
Fri Mar 14, 2008
As long as both parties have accepted the offer (initialing all changes), and the reciept of earnest money has be accepted, you're good! It's a done deal.

I'm sure you've probably closed by now. Come back and give us an update!

Good luck!
0 votes
Portland_Rea…, , 97236
Sat Mar 1, 2008
Sounds like a done deal to me.
0 votes
W. Todd Hess, Agent, Huntsville, AL
Tue Feb 26, 2008
If both you and the bank have signed the contract, the bank cannot legally sign another contract with another bidder. Just make sure BOTH sides have signed the contract. I have seen situations where the purchaser signed the contract after the seller said they would accept the offer, only to have the seller sign a contract with someone else. If both parties haven't signed, it isn't a contract. Make sure you obtain copies of all documentation.
0 votes
Dan Therrell, , 36532
Mon Feb 25, 2008
If you accepted the banks counter-offer, the deal is done. They cannot entertain other offers.
Good luck,

Dan in Fairhope, AL 36532
0 votes
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