Are we in a contract or not?

Asked by Jenniferlb4488, La Grange, IL Tue Jul 23, 2013

We put in an offer for a bank owned townhome a week ago and were told we had it. Our realtor emailed the listing agent several times trying to get her contract. Now I just received this. Filled it out yesterday but haven't received the full contract yet but I was told we close in a month.

Okay the listing agent needs this addendum to be initialed and signed.  Please print out and initial and sign.  Then send back to me and I will get the Fully Executed Contract. 

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Terri Vellios, Agent, Campbell, CA
Wed Jul 24, 2013
You are asking us about documents for which we have never seen. Your agent is the best resource to answer your questions. If you have any doubt about your agent, talk with the agent's managing broker/manager.

I wish you all the best.
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0 votes
Leslie Radzin, Agent, Glencoe, IL
Wed Jul 24, 2013
I have frequently had situations where I sold a foreclosure and did not get a signed contract at all or for a while. There should be some kind of other correspondence your agent can print saying. "The bank accepted your counteroffer" or something like that. Ensure something like that is in writing and consider taking the risk of going wont have lost much time. That's why you get the deal on take some risks. Have you done your inspection? Mary Zentz RE/MAX Suburban
0 votes
Sohail Salah…, Agent, Chicago, IL
Tue Jul 23, 2013
Sounds like you are under contract. There always addendums from the banks...

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0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jul 23, 2013
The ADDENDUM is all you get!
The Escrow being OPEN is all you need.
You will never see a SIGNATURE on any piece of paper from the Bank.
You will never get a "Fully Executed Contract".
Got it?
0 votes
Kathy Barkul…, Agent, Arlington Heights, IL
Tue Jul 23, 2013
You should be asking your realtor these questions. They are probably waiting for the bank to sign off. Once they do, you will get a copy of the contract.
0 votes
Okhee Choi, Agent, Northbrook, IL
Tue Jul 23, 2013
You do not have a contract until both parties agree to it. Once they agree and sign saying so, they have an executed contract. You should consult your attorney.
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