Made a bank offer on a 4 closer hm. they countered and I accept. 2 d later bank gets better offer before i sig

Question

can the bank turn me down when I agreed to there offer ? before the higher bid was placed

Answer 1

There’s no agreement unless it’s signed by both parties.   So the bank is well within its rights to accept a different offer. They could actually do this even if you had signed the counter offer. This second one would just be a back-up offer.

Your buyer’s agent should have had you sign the counter offer agreement asap for this very reason. Was the delay your fault or theirs?

Answer 2

Unless you signed something the deal is in the air, and the bank can change its mind. Did you make a counter offer?

Answer 3

If you signed the counter offer and sent it back to them before they accepted the other offer you are good.

However, you only had 24 hours to sign, if you sat on it longer it expired and the bank can move on to the next one.

Answer 4

You lose. You should have ran down to the bank and signed on the counter offer. Hand shakes and a good word no longer have any merit today. Everything has to be on paper and signed.

Answer 5

Call your Realtor.

Did you submit what is called an esclatory addendum with your offer?

Answer 6

It doesn't seem fair.  What if you had gotten a call that the house next door to the one you wanted would accept $50,000 less than you had offered on the bank's house.  You would have had the right to call the bank and say "I'm withdrawing my offer" before they signed it.  And you'd be glad you had the right to withdraw because you were saving $50,000.  The bank has the same right to withdraw before the signatures.

This is a blessing in disguise.  There are a million more repo's on the way. Prices are going to drop a lot. You will save $20,000 in 2 months.  Don't look back. And walk away if there are any more "bidding wars".