When Can I Tell My Client That They Have A Deal?

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.