If a house is in escrow....

Asked by Henry, Los Angeles, CA Fri Jan 4, 2008

There's a house that's in escrow and it's supposed to close today. however they've asked for an extension until the 21st. We've put a back-up offer on the house and I was wondering if the bank (who own the house) can accept our offer or if they legally have to wait until the 21st.


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Christopher…, Agent, Hemet, CA
Fri Jan 4, 2008
They could accept your offer contingent on the non-performance of the current party to the transaction. Most contracts (addendum) supplied to buyers of bank owned property provide for extension periods with additional payment for the extension. In short, the lender could accept your offer yet, in most cases, will not acknowledge it until the cancellation of current escrow.
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Henry, , Los Angeles, CA
Sun Jan 6, 2008
Thanks - that helps. I guess I just have to wait!
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