Posted by Donna, hammond2be@triton.net, on 2/08/03

More | Report Post

We recently stumbled onto a home posted on an internet
site which had been repossesed by the bank. The selling
price was 29,300.00. We went directly to the home...and
decided we would want it. We were able to submit an offer
that evening through our realtor. She explained that they
would be able to accept other offers for 24 hrs and if
more offers came in they would also have 24 hours...2
other offers were submitted at 9 am the next morning...no
others were received (per the bank liason) before 9 am the
following day. My realtor said that as of Wednesday
morning at 9:00 am they had closed the deal to additional
offers and the bank now asks if any of the three bidders
would like to change or increase their offer...they
required our best and final offer (one shot) by 9 pm
Wednesday. The realtor said that they would have to
answer by bank closing time on Thursday. No response...
on Friday our Realtor spoke to the bank liason who
explained that the person who actually listed the home had
been on vacation and has now returned so the information
had been forwarded...He will now be determining which
offer they will accept. Then he told our realtor that
several offers have now come to them...but they would not
be submitted to the bank for review since the bidding is
closed. That they were holding these offers in the event
that the offer that they accept falls through. I am now
seeing that the realtor is not familiar with the general
events or any regulation regarding proceedure(if any). I
would like to know if they can reopen the offers and if so
would we again have an opportunity to raise our offer??
Also, we are interested in any established regulation or
laws for the buyers rights.

Placed an offer on a bank Repo home...buyers rights, 2/08/03, by Donna.

Intellectual Property Law Chatboard

LATEST POSTS | BY TOPICS | SUBMIT A POST