Am I obligated to buy a house if the seller accepts after my Written Acceptance Date has passed? It is an REO property- agent said could take 10 days

Asked by Rachel, Philadelphia, PA Thu Sep 5, 2013

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Christopher…, Agent, Collegeville, PA
Thu Sep 5, 2013
Rachel, I specialize in REO properties on both the listing and buyer's agent side. To answer your question, once the date has expired in the section 5A regarding seller's written acceptance the contract is void. The seller can strike out the date you listed and initial a new date, but you would need to initial that amended date showing that you have agreed to allow them the additional time. If there is anything further that I could help you with please do not hesitate to ask. Good luck!!

Chris Nelson
Philadelphia Magazine Five Star Professional Award recipient 2012, 2013
National REO Broker Association (NRBA) Member
REOMAC Member Member
Certified Distressed Property Expert (CDPE)
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
215.641.2500 Main
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484.576.7430 Cell*
1 vote
Thanks so much, Chris!
Flag Thu Sep 5, 2013
Rachel, Both Buyer And Seller, Philadelphia, PA
Fri Sep 6, 2013
Thank you both. I wasn't upset about the response time- (no micro-managing!)- it was expected. But I had the opportunity to buy another house that I was previously outbid on (sale didnt go through) before it came back on the market. i just wanted to make sure I wouldn't be obligated to buy both if the other was accepted. Thanks to all for your answers!!
1 vote
Ruth and Per…, Agent, Los Gatos, CA
Sat Sep 7, 2013
Hi Rachel

Right, REO purchases can Ver very frustrating at times with slow or snail pace
Responses from the Banks or the REO listing agents.

No, you are not obligated to buy if your required Acceptance Date in the Purchase contract has

Good luck with your new home.
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Joshua Stein, Agent, Conshohocken, PA
Sat Sep 7, 2013

I'm not quite sure what you're asking, because your question and response give two different messages.

Has the bank accepted your offer yet, or are you still waiting? If your offer has not been signed by the seller (bank), then you can rescind it at any time.

A word of caution, however. Once you rescind your offer for this property to pursue the first one you were interested in, you may not have an opportunity to go back should things not work out for you a second time.
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Scott Godzyk, Agent, Manchester, NH
Fri Sep 6, 2013
Rachel the good part is your offer is just an offer until signed by the seller to become a contract. If the date expires, then your offer expires unless you extend it or agree to extend it. Good luck with which ever house you decide on.
0 votes
Thanks, Scott!
Flag Fri Sep 6, 2013
Don Sherman, Agent, Philadelphia, PA
Thu Sep 5, 2013
Good evening, Rachel the;
You are not required to move forward after the acceptance date has expired.With that being said, the REO market is an extremly competitive one a nd if you still like the home, I would stick with it.

Don Sherman
Century21 Advantage Gold
0 votes
James G Brop…, Agent, Phila, PA
Thu Sep 5, 2013
Question is, "do you want the house or not" or are you just annoyed that the bank that owns the property do not allow you to micro manage their response time? If you still want the house then continue forward. If you have had change of heart then stand your ground on the contract date for seller approval and request you deposit be returned. Keep in mind that whenever submitting a contract of sale to a bank owned property the perple at the bank that make the decision have little motivation to act quickly, When 5 O'clock rolls around, "Bang" their out of there. Sat&Sun, "Out of there" Often they drag their fee with a response because they are hoping that the market will produce another buyer while they are looking at your proposal. I always advise all buyer clients when trying to buy a bank owned property to be patient and not get upset if bank response time is not on a timely basis. Otherwise, don't buy a bank property, deal direct with a regular property owner and you will get quick response.

Just saying....

Jim Brophy
Associate broker
RE/MAX 2000
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