Asked by Animalfriend, Mount Airy, NC • Wed Nov 3, 2010
I made a cash offer on an REO property. The bank accepted the amount, but countered the terms; I asked for 10 days to inspect and they wanted 3 days. They stated their counter offer was good for 24 hours.
When my realtor called me with this information, I was inclined to accept, but I wanted to be sure I could get the electricity and water turned on immediately and line up a home inspector. I told her I had to make some calls and would get back with her. She said I was guaranteed 24 hours, so I had some time work it out. I started making phone calls and was waiting for call backs when the realtor called back 2-3 hours later and said the bank rec'd another offer and decided to do "highest and best." This is an investment property that I'm not hung up on it and don't care to fight them; I'm just curious if they can specifically state an offer is good for 24 hours and then rescind 2-3 hours later. It sometimes seems there are no rules when it comes to dealing with banks.
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