A common source of confusion on bank owned homes is what constitutes an actual contracted agreement. All bank-owned properties will give a verbal or email acceptance only until the bank’s specific purchase contract terms (in the form of a bank addendum or specific purchase contract) are executed by both the buyer and the seller. There are situations where the bank contract or addendum is not executed and returned in a timely manner to the bank and the bank proceeds with accepting another offer. It is imperative that if you receive an acceptance for a bank owned property that you execute the contract or bank addendum and return it within the demanded time frames.
Finally, please remember that no offer is fully accepted until the Seller signs the Contract or Addendum package returned to them with buyer’s signatures.