Help iam buying a foreclosed house & the bank has accepted my offer?

Question

they accepted the offer but does this mean someone else could put an offer & get the house ?? &they say if i do get the house they will give it to me in 45 days do they give the house ahead of the time they say so ???? any answers would be helpful

Answer 1

If they accepted your offer, the place is yours provided you meet your end of the agreement.  I don't know how long closing takes these days, but that's all the 45 days is about.  That's their estimate of how long it will take to jump through all of the legal hoops.  You could get it earlier, let them know that you're interested in that if you are.

Answer 2

If they signed the offer, then the house is yours

The 45 days is to get title insurance and your loans through

A bank probably won't let you move in before the closing date (there could be a lot of legal issues involved if you're living in "their" house and something happensP

Answer 3

If they accepted your offer, then they should be bound by it, but until you have a signed contract I suspect they may have an 'out' if they wanted one. We just bought a foreclosure, and after agreeing terms, it took the bank almost a month before they produced a signed contract. I was sweating buckets for that month!! After they did give us the signed contract, they then wanted to close within 3 days (ie the originally agreed closing date, even though they'd delayed signing for so long) and they were impervious to requests to delay closing by even 3 days. As I was transferring funds from overseas, I thought the deal may fall apart, but fortunately my own bank came through and we closed on time. But the lesson I took away from this one was that the bank selling the foreclosure seems to be able to claim any flexibility they need while giving none in return!!

Answer 4

An accepted offer had got to be writing or in front of ironclad  witnesses who are willing to testify.  Until you have a signed contract the bank can probably back out without any consequences.  You would have to prove that they had made a committment and without it in writing, you ain't got nothing.  

But don't fret.... there are lots of foreclosed houses around and great bargains everywhere.  and... the last thing a bank wants to own foreclosed houses.    Your real problem may be that prices may continue for fall,  they give you a contract and you end up paying more than the market value.