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Buying from Bank |
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We put in a bid on a reo house, our buyer agent called and asked for our best bid, we went higher, he told us the bank accepted another bid. We thought we could counter offer, is this possible after the bank has accepted the other persons bid? Should our buyers agent told us that there would be no chance to counter bid? |
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You were warned to send in your "best bid", and it would have been pretty silly at the same time to tell you that you'd later have a chance to bid higher. Evidently your best wasn't good enough. At any rate, once someone else's offer has been accepted, that constitutes a binding sale contract, and you probably can't upset it. Dealing with bank-owned property is not all that easy, according to the letters I've been getting. |
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Edith
Originally published on February 5, 2008 |
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