Montezumasdaddy
Junior Member
What is the name of your state (only U.S. law)? Wisconsin
Hello,
My Wife and I are looking to purchase a new home we recently found in a real estate listing. When I called the real estate agent I was told that it is a foreclosure and 2 banks had liens on it and that currently one of the banks had just accepted an offer from another buyer. I said �that�s too bad we were really hoping to be able to make an offer on this house�. He told me that only one bank had accepted the offer and that it required both banks acceptance before a sale can be finalized and he encouraged my Wife and I to make an offer. We looked at the house and made an offer and turned it in and the agent thought that our offer was very attractive and thought we had a real good chance of getting the house. Well, a few weeks have gone by and I talked to the agent yesterday and he tells me that right now it doesn�t look good for us. Because one of the banks accepted the buyers offer he is basically locked in because he was informed by that bank that his offer was accepted. I was told at the beginning of this that both banks would need to accept before it can be considered an accepted offer. I asked him what if the other bank doesn�t accept and he said he doesn�t think they have a choice. I told him I was willing to pay the advertised asking price and he said it still doesn�t matter because of the accepted offer from the one bank. According to him the only way I have a chance at the house now is if the buyer decides to back out for some reason. Does this sound right? Is there anything I can do other than just hope this other buyer backs out? Thanks for any help and advice. By the way, I�m in Wisconsin.
Hello,
My Wife and I are looking to purchase a new home we recently found in a real estate listing. When I called the real estate agent I was told that it is a foreclosure and 2 banks had liens on it and that currently one of the banks had just accepted an offer from another buyer. I said �that�s too bad we were really hoping to be able to make an offer on this house�. He told me that only one bank had accepted the offer and that it required both banks acceptance before a sale can be finalized and he encouraged my Wife and I to make an offer. We looked at the house and made an offer and turned it in and the agent thought that our offer was very attractive and thought we had a real good chance of getting the house. Well, a few weeks have gone by and I talked to the agent yesterday and he tells me that right now it doesn�t look good for us. Because one of the banks accepted the buyers offer he is basically locked in because he was informed by that bank that his offer was accepted. I was told at the beginning of this that both banks would need to accept before it can be considered an accepted offer. I asked him what if the other bank doesn�t accept and he said he doesn�t think they have a choice. I told him I was willing to pay the advertised asking price and he said it still doesn�t matter because of the accepted offer from the one bank. According to him the only way I have a chance at the house now is if the buyer decides to back out for some reason. Does this sound right? Is there anything I can do other than just hope this other buyer backs out? Thanks for any help and advice. By the way, I�m in Wisconsin.
