Worry or not to worry. - Posted by Jamie

Posted by Jamie on February 14, 2003 at 23:01:29:

Thanks Tony, that does make sense. He did mention that it probably will be accepted and he has been very helpful throughout my bidding so I think it will work out fine. It just means I have to wait longer to find out since the bank will be closed on Monday. I am just a little anxious to make my first 2 deals and get the ball rolling.

Worry or not to worry. - Posted by Jamie

Posted by Jamie on February 14, 2003 at 20:41:46:

Hi everyone,

I have been working on my first deal which is actually 2 deals from a bank. I have one under contract but the second is in the counter offer stage. My problem is that the person in charge of repos is 5 hours away in a different state. We communicate via voicemail since his phone automatically goes there. It sometimes takes more than 24 hours to hear back from him. The mobile home business is well established here so I get a little worried that someone can swoop in and steal it.

My question is: If the bank gets a better offer, can they just take it since I have not signed a contract on that home? They did send me a contract on that property that states that they accepted my first offer(pre-inspection) and I have 3 days to counter offer after inspection. I responded within that time frame and am waiting for their reply. Are they legally obligated to my negotiating results before another dealer can make an offer? Thanks, Jamie

Re: Worry or not to worry. - Posted by Tony-VA

Posted by Tony-VA on February 14, 2003 at 20:57:27:

I am not an attorney but what you are asking is bread and butter contract law. My lay opinion is this.

Once you countered, you in essence rejected their offer and made a new offer. A counter offer is not valid until Acceptance.

Acceptance comes in many forms (from what I have read) but it would not appear that you have any indication of acceptance at this point. That, included with the fact that you mentioned it is not easy to stay in touch with this rep, would be an argument to say that no contract has been accepted as of yet.

So yes, another offer could be accepted by the seller at this time.

Are the chances good that they will? I would not imagine so. They have already begun the dance with you and unless your counter offer was far less than your original, you will likely receive an acceptance or counter offer.

There are so many repo’s nationwide that fear over one being scooped out from under you is little justified. If it were to happen, find another. They are our there.

Best Wishes,