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I am in the process of buying an REO too, we haven't had any accepted offer after 5 bids. My realtor puts down that we deliver earnest money after acceptance. |
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basically no. banks can take whatever offer they want and are not obligated to even get back with anyone else. we just went through this too. disappointing i know but that is how it works. |
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my mother in law is trying to buy us a house and with our price range everything is bid homes. From my experience she is considered an investor since she wont be living there even though we will. People who will consider a home their primary residence get to bid first but they can accept another offer. Buying an REO is great but the process sucks and u might not get da house u really want |