2 replies to this topic

[madaboutdeal]

We recently have offered on a home owned by bank.  We submitted offer thru agent who had to work thru the listing agent.  Offer was accepted.  Bank papers were sent to us we signed and returned.  Now 2 weeks later Im being told by my agent that the bank refused offer and the home is being sold to someone else.  My question is we put money down made offer, was accepted (we are pre approved ) now are being refused,  I know its bad buisness but is it legal?

[FindLaw_AHK]

Did your agent inform you that your offer was accepted by the bank? What were these papers concerning that the bank sent you to sign?  You may want to consult with a local Real Estate Lawyer to review the contract to determine if your offer was accepted.

[madaboutdeal]

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.