Swiregang, Home Buyer in 02630

Hello, I live in Alabama and signed a purchase agreement. They have not answered my bid and I found another home. Do I have to wait or can I bid on?

Asked by Swiregang, 02630 Wed Jan 6, 2010

On the purchase agreement line 19 says For valuable consideration Purchaser gives the listing broker until 12/22/2009 to obtain the written acceptance of this offer. My agent says because its a forclosure and the have prosessed it. Not accepted it I have to wait till they do. The problem is I found a better deal and want it. Can I bid on the other house or do I have to wait like the broker says?

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Dallas Texas, Agent, Dallas, TN
Sat Jan 9, 2010
General rule you submitted a sales offer however not heard back from bank . You can submit as many offers as you want, many agents wont' do this for time vested however, you may never have a response back from bank on foreclosure. IF seller does not like offer most won't reply.

I recommend push on leave other contract open as a back up submit an offer on home you want pursue.

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0 votes
Ken Lambert, , Exeter, NH
Sat Jan 9, 2010
Hello. I agree with all the other agents. It is null and void- but you need to put something in writing which also demands your deposit back. That should be sent to your agent and also the listing agent and the bank/seller as well. Just to cover your bases.

Tough time of the year to move from Alabama up to Massachusetts :)

Thanks, and good luck,

Ken L.
0 votes
Heidi Zizza, Agent, Framingham, MA
Thu Jan 7, 2010
If they have not accepted the offer and you are past your acceptance date, then it seems clear that the current offer is Null and Void! Get your deposit back before doing anything else. Good Luck and Happy New Year!
Web Reference:  http://www.mdmrealtyinc.com
0 votes
Scott A. Nel…, , 02155
Thu Jan 7, 2010
Alot will be determined by what exactly was written in the offer. You should always verify legal questions with your attorney to make the most informed decision, sometimes there are riders for foreclosed/short sale properties that are beyond the standard offer to purchase real estate. That said, your offer was contingent upon acceptance by a certain date. You should ask your agent ( are they your BUYERS agent?) for the reason why they say you have to wait, is there something they know about that is holding you with this offer for longer time? In general buyers in the area are at times submitting multiple offers with contingencies on several different foreclosure properties and whichever responds first/best they go with and cancel the rest.

Your buyers agent/broker should be able to explain the specifics for their advice, without knowing all the circumstances the most we can say is maybe.

Hope that helps,
Web Reference:  http://www.MedfordHouse.com
0 votes
Joe Arnao, Agent, Sanwich, MA
Wed Jan 6, 2010
You may be able to keep both in play, so you don't lose out on both. You should have an attorney advise you. If you want a local MA attorney let me know and I can send a few for you to talk to.
0 votes
Richard Leci…, , Tucson, AZ
Wed Jan 6, 2010
You should be able to walk away. Usually banks don't abide by the date but in this case it works in your favor. You can also have that agent that wrote up the offer send the selling agent and the bank a note canceling the first offer ust to be sure.
0 votes
Don Tepper, Agent, Burke, VA
Wed Jan 6, 2010
I agree with Joseph. Your agreement gave the listing broker until December 22 to obtain written acceptance. If written acceptance was not obtained by that date, your offer is null and void.

Ask your agent to check with her broker. "Processing" a document is not the same as "written acceptance."

In any case, to be safe, you may want to notify the owner--the bank--in writing that you are withdrawing your offer. I'm not a lawyer, so this isn't legal advice--and I expect a lawyer would respond that you can't withdraw something that no longer exists. So, again, have your agent check with her broker. Otherwise, you could be left for months twisting slowly in the wind.

Hope that helps.
0 votes
Joseph Washi…, Agent, Berwyn, IL
Wed Jan 6, 2010
No, I believe you can walk. ANY offer you present is not a valid contract until your offer has ACCEPTANCE. Therefore, submit a written request to withdraw your offer... that the contract is now null and void. I am not an attorney but this is my absolutely understanding of the law.

Now, of course, a contract is a contract. If you signed language that offered to wait IN ADVANCE of your submission of this offer, then you could experience difficulty. However, your December 22nd date has come and gone, so I believe you can then withdraw and cancel the contract. Still, hire a good attorney. Did you submit earnest money yet? Additionally, foreclosures have oodles and oodles of unknown problems... it should not require much effort from your attorney to defend your decision to withdraw and cancel. After all, everyone has a right to an inspection immediately upon acceptance and you should be able to cancel based on the inspection- that is, if the foreclosure comes with repairs and other poor condition issues.

Again, I am NOT an attorney. This is an opinion only. I still remain confident and I encourage you to get the opinion of a licensed attorney in Alabama! (smile)
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