Posted 24 March 2012 - 01:50 AM
I contacted selling agent to find out what went wrong. He said the bank held our offer and 4 days later the bank recieved cash offer. The bank had sent us a purchase agreement form but it was not signed. We had to accept terms then it was sent back to bank for singing. The bank then opted to go with cash deal so we were out. As consumer I was told our offer was accepted and gave our agent cash down, but they tell me the bank has no obligation due to unsigned contract. So we are out. I will get my deposit back but if anyone reading this has the ability to lobby for reform we need regulations for purchase agreements. If I put cash on car the car is held, the same should be for a home. When I bought house I live in 14 years ago it was totaly different than now. We as consumers have no rights of barganing with banks. The bank can do whatever they deem important to them and buyer beware. Thank u for responding I have learned a great lesson.