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Old 06-24-2009, 01:41 AM
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Default What happens if I'm trying to buy a...

...pre-foreclosure home and....? What happens if I'm trying to buy a pre-foreclosure home and I've already gotten homeowner acceptance of my offer but the bank counters and I actually go down? I'm comfortable where I'm at with my offer but I definitely think that I could have gotten it for less. Can I do that, and, if so, does it have to go back to the homeowner for acceptance again??Also, can other people come in and offer on the house and the homeowners accept even though the they've already accepted our offer? Is it technically pending or what?Forgot to mention, the house has been on the market for quite a while and, according to the list agent, has had a previous offerer fall through at loan approval. The amount accepted by homeowner and bank at that point was incredibly close (only a few grand) to our current offer and to boot all of this was more than 2 months ago. We of course, didn't find that out from the list agent or our realtor until after the homeowners accepted our final offer.Also, the only reason it hasn't gone into full foreclosure is because we put the offer in and the bank is holding back. I'm of the opinion that the bank can either accept what we want to pay or let it go to the courthouse steps and get pennies on the dollar, it won't really hurt my feelings either way. Given the situation, am I wrong to think that I (as the potential buyer) am holding more than average power to name my price?
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