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Agreement Was Oral |
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My fiance and I are in the process of buying a foreclosed house. The owner of the house is a bank in Utah, so the process of offering and counteroffering has taken approximately two weeks. Last week the bank came back with a verbal counter offer that we verbally accepted. We were suppose to sign (accept) their counteroffer yesterday to make it official and get our financing rolling. Apparently someone else put an offer in on the house a couple of days after we had verbally agreed to their counteroffer (we verbally accepted on a Friday and were suppose to sign the counteroffer on Monday) and now the bank may be backing out. Is there anything we can do? |
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In the sale of real estate, nothing is binding unless it's in writing. That's why experienced real estate agents usually deal with offers and counter-offers only on paper and signed by the parties.
I'm sure some people buying bank foreclosures have pleasant transactions, but they're not the ones who write to me. I hear a lot about delays and misunderstandings.
My guess is that you may be dealing with a committee or even more than one. I think in certain areas banks are overwhelmed with problems they're not really equipped to handle efficiently. Oral "acceptances" don't mean much of anything, and can lead to just the sort of confusion you find yourselves faced with. |
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Edith
Originally published on May 20, 2008 |
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