Asked by Anna, 11106 • Wed Feb 11, 2009
I placed a bid on a foreclosed house today. It was almost asking price...this is how bad I wanted it. As our bid was submitted, we were told that the bank accepted a bid already, we were a day late. I am a little bummed, but am wondering what legal circumstances could cause a bank to recant and not accept a bid after initially accepting it. If our bid was way higher than the accepted offer, is there any way that they can accept our bid 1 day after they accepted the other? I was told that many buyers were bidding 50 cents to the dollar and this is why no one has been able to get the bank to agree to a price. Just wanted to know my chances sinces we upped our initial bid to the maximum price once we heard that someones bid was accepted
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