A common source of confusion on corporate-bank owned homes is what constitutes an actual contracted agreement.
Corporate-bank owned properties will often provide a verbal acceptance until the seller’s specific purchase contract terms (in the form of an Addendum to the purchase contract) are executed by both the buyer and the seller.
There are situations where the addendum is not executed and returned in a timely manner and the seller proceeds with accepting another offer. It is imperative that if you receive an acceptance that you execute the seller’s addendum and return it within the demanded time frames.
Please understand that no offer is fully accepted until the seller signs the addendum package returned to them.
