Bank owned foreclosure

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sunshine23
Bank owned foreclosure

In Georgia, if an individual has a property for sale and they accept an offer on the property, the agent is still obligated to present any offer that may come in. If the seller wants to, they can accept a back up contract. Now, to my question... if a bank owns a property that they foreclosed on and they have accepted a contract on it, is the agent exempt from presenting any other offers? A friend of mine wants to put in an offer to be considered as a back up contract, but the agent working with the bank says he will not even submit the offer. The property is in Georgia.

   

   

Hot2na
Re: Bank owned foreclosure

if i understand correctly, the bank should accept/consider all offers until the home is in escrow.

the agent can submit another contract should the pending one fail.

keeper of the whip!I am Keeper Of The Whip!

sunshine23
Re: Bank owned foreclosure

Follow up;  I just spoke with an agent who works with Wells Fargo on their foreclosed properties. He says it is WF's policy to not even consider any other offers once they have an accepted contract, because "they choose to proceed in a positive manner with the mindset that the contract will close successfully". To me, it seems like they would want to have a back up contract, but I guess the extra paperwork a back up would create makes it not worth fooling with. Interesting....

Hot2na
Re: Bank owned foreclosure

guess it would be to the title holder's discretion. when i purchased my current home, it was on the market 8-days when i made the offer. then a sign went up that read: Sale Pending.  -the agent still accepted offers until ours was inked.

keeper of the whip!I am Keeper Of The Whip!

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