The bank gave us a counter offer, and before we said yes, they got a higher bid. Who wins the house?

Question

apparently the higher bid came in this morning, and we signed the paperwork stating that we accept the banks counter offer. Can the bank rescind the offer and choose the highest bidder??

Answer 1

If the bank's counter offer had ALL their signatures and initials in the right places, and you signed and notified them of acceptance prior to  them notifying you of the new offer, then the bank has two buyers.

If their counter was on unsigned paperwork, then there's no deal.

Bank attorneys are real good at CYA.  They never do a counter offer with all the signatures on it - in fact NO SELLER should do counter offers like that.  

In Texas, sellers don't do counter offers.  We send a "Rejection of offer with invitatin to submit a new offer"  Included are suggestions for what might be acceptable to the seller.  At no time will a good lisitng agent let his seller sign a counter offer.

Answer 2

If your counter offer was signed and returned to them, they lost the right to accept another offer.  If it was signed but not returned, they can accept another.  /

Answer 3

It depends on if the counter expired or not.   If you signed it within 24 hours you should be clear.   If it was longer the bank can accept a differant offer.

Answer 4

If the bank made a counter offer and you accepted it BEFORE they rescinded the offer, you should have a deal.  Of course, must have that accepted counter offer in their hands.

Timing may be a problem here.  Consult your real estate agent or a RE attorney.