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Asked by Ramona, Wadsworth, IL Fri Feb 1, 2013

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Answers

4
Connie Johns, Agent, Maumee, OH
Fri Feb 1, 2013
I can understand your disappointment and frustration. An acceptance is not final until the ink is on the paper. (signed by all parties) Unfortunately you were led to believe that it appeared your offer would be accepted pending final approval after requesting your highest and best offer. Please keep in mind that it is not always the highest price that is accepted, sometimes it is the best terms. This could be that the buyer is accepting the property as is with no inspections, or an all cash deal can close quicker and without the need for an appraisal, which may be more attractive to the seller.
0 votes
Jim Beatty, , Toledo, OH
Fri Feb 1, 2013
most likely what the bank is saying is that your offer was accepted subject to the final approval, possibly from the asset manager's contact at the bank, or the bank's manager or some other 3rd party.

so it sounds like what happened is while they were trying to get the final approval on your offer, another offer came in that they felt was a better offer (higher price, no financing, etc)

so since your offer still had a contingency (the 3rd party approval) when the other offer came in, they took the better offer

yen offer isn't a contract till it's approved

take a close look at the language in the seller's addendum and that may shed some light on it
0 votes
Patria Carter, Agent, DAYTON, OH
Fri Feb 1, 2013
Just that........It was pending final approval. Once the contracts hit the final stage, then that individual or asset manager may look at things differently, and then can overide the first decision----can be based on a cash offer presented with less contengencies.
0 votes
Ramona, Home Buyer, Wadsworth, IL
Fri Feb 1, 2013
Also i need to mention we offered 60% cash and 40% finance and were preapproved to finance way over the asking price.
0 votes
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