I've received a verbal acceptance from the bank on an REO property and was told to expect the written

Asked by Michelle, Illinois Thu May 22, 2008

acceptance in 4 days; what does this mean for me in the meantime? Can another buyer swoop in and grab this property?

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4
Torrey Lewis, , Chicago, IL
Fri May 23, 2008
Hi Michelle!
Buying an REO or foreclosure from a bank is usually a bit different than from your standard homeowner. Banks usually have to convene committees and such to decide on offers that have been submitted. In this case, another buyer will probably not "swoop" in and grab the property, but there may be a higher offer submitted in the meantime, which could be considered at the same meeting.

Depending on how desperate a bank is to sell a particular property, it's usually tough to try and force a bank's hand with conditions such as mandatory acceptance dates, "drop dead" dates, and the like. As with all real estate, if you are truly interested in the property, your best bet is to put together the strongest offer possible. If you are looking for a deal, or submitting a low offer, you have to prepare yourself to potentially lose that property.

It sounds like, in this case, you may just have to sit tight and cross your fingers. As always, make sure to consult with your agent/attorney/etc. about any stratgies, and what to prepare for.

Good luck!
1 vote
Ida Mccarthy, , 60148
Thu May 22, 2008
Unfortunately yes it does Michelle. And even if you have a signed contract from the bank, if a higher offer comes in, chances are they will look at it. Banks just want their money.
All offers may be presented up till the closing date. That's our law here in Illinois. Dealing with a bank can be a stressful situation, hopefully you have a realtor to walk you through the transaction.
Some banks are easy to deal with, some very difficult.
Hope this helps, good luck with your purchase.
Web Reference:  http://www.idamccarthy.com
1 vote
Mike Garr, , mobile agent on the move
Tue Nov 11, 2008
Did you close http://?www.mikegarr.com.If not there are more fish in the sea . if you did enjoy your new home
0 votes
Michelle, Home Buyer, Illinois
Tue May 27, 2008
I did receive the written acceptance Friday (sooner than expected) and now I can breathe a little easier. It would have been a really long holiday weekend with that hanging over my head. So it looks like all is a go and we'll be having the home inspection done today. Thank you very much for your answers.
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