Is THIS EVEN FAIR!!?

Question

My friend put an offer on a bank owned house. The bank then told her someone else had made another offer and they both had to enter their best and highest offers by a deadline which was monday at 2:00, no later. The thing is the bank wouldn't tell her what the other person offered so she just went up on her offer. The bank called her the day after the deadline and told her she was the highest offer and they would decide what to do next. The bank just now called her and said that yesterday which was thursday, the other people had put down more money and they had sold the house to them! She said if they would have notified her right away she would of put more money down. But still the deaeline was over, is that fair?

Answer 1

no it's not fair and it's not right ethically but real estate agreements/transactions has to be done in writing inorder to be legally binding.  it's unfortunately that this bank is really just playing games with everyone inorder to make money (or lose less money in the case of this foreclosed home).  your friend do not want to do business with this bank anyway. sorry she didn't get the house but she will find a better one soon enough!  cheer up!

Answer 2

Banks suck

Answer 3

It’s fair so long as this was all verbal. Nothing in real estate is legally binding unless it’s written down and signed by both parties.

I’m sorry for your friend, but if she was selling something, wouldn’t she want as much as possible for it?

Answer 4

I don't think it's fair.  Bidding is a tricky thing though.