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"making offer on bank owned foreclosures"

  • littlelady
    Posted: Mar 11, 2012 01:27 PM
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    littlelady
    Knoxville, TN
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    my daughter and her husband made an offer with a real estate company to purchase a bank owned foreclosed home. they pre-qualified for loan and offered full asking price. the listing agent and another agent whom they had called both showed the house to them at the same time. the agents said it had been foreclosed only six days prior to showing. the agents told my daughter and son-in-law that it had not been shown before and that in two more days investors would be able to bid on the property, but if they would go ahead and put in offer of house at full price it would eliminate investors from bidding on the property. my kids signed contract and submitted it to realtor with a deadline of two business days plus a weekend. earnest money was also given along with signed contract with a deadline of 5pm on the following monday. now the realtor tells my daughter that it may be wednesday before they hear back from bank that they have declined or accepted the offer. the problem is that the contract expires on monday at 5pm. also, according to what they were told prior to signing contract, it will be open to other investors bidding on the property. as a single mom i am trying to protect my kids and grandchildren and would like advice on whether this is a legitimate claim that the owner {the bank} will need to wait til wednesday to decide, or is this a dishonest realtor who is allowing the contract to expire in hopes that a bidding war will occur after the monday deadline. i want to believe and trust the realtor, but i do know that a contract is binding and cannot understand why an experienced realtor would change terms after offer was submitted. it is a very low-priced property and will be their first home. i cannot imagine that a large nationwide bank would worry over such a very low-priced property when they have offered full price. please advise me. i have noone to ask and love my kids. i am not an investor and we are buying it to live in not to just turn a profit. it is a very big deal to us. would the listing agent be reluctant because of splitting the commission. i know many of you will be more knowledgeable than i am. please help with advice. my kids are so excited to possibly get their first home. thank you for any help you can give.

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