Bank owned offer acceptance question...

[BigQ]

What is the name of your state? California

We made an offer on a bank owned home. There were multiple offers, but we were in top 3. We were asked to send in best offer which we did.We ended up not being the top offer, but the top offer purchased before the bank decided so the top was out. The last two received identical counter offers we being one and had 48 hrs to accept or it would be considered void. We accepted the term of the bank counter in 1 hr. We waited and 48 hrs past with our accepted counter the only one returned. The Realtor for the bank told my Realtor that they were just waiting for the final "addendum to contract" and all offers are subject to corporate level approval. About 40 minutes after we found out we were the only people that responded and they were waiting for the bank to send the "addendum", he calls and states that they found another offer that was submitted the original 3 weeks ago

So now they want another final and best offer from us which we already went thru 2 weeks ago. It looks like to me they are trying to get our offer bumped up or they just received another offer and want to try get us both to fork out more money.

So after all that explanation my question is...

I am assuming this is all legal and until we have the addendum signed they can do whatever they want, is this true or is something fishy with this deal?


Thanks

[LindaP777]

Originally Posted by BigQ

until we have the addendum signed they can do whatever they want, is this true or is something fishy with this deal?

Yes, they can accept or decline any offer they want.
If I had a dime for every offer I submitted that was in a <<<surprise!>>> "multiple offer" situation, I'd be rich. Occasionally, I do not raise my offer and it's still accepted. Huh! How'd that happen? Could be the "multiple offer" situation is just fabricated to get more money from the buyer?

[BigQ]

I kind of figure they could do pretty much anything they wanted to till I signed the final papers. I find it very curious that I am down to the last minute with the bank sending the final addendum and all of a sudden they find this lost offer from 3 weeks ago? If it wasnt such a good deal I would tell them to go pound sand, but I would only be sticking it to myself.