Tired of Biting My Fingernails...

[M Carbes]

We put in an offer on a REO at the end of May. After two weeks of offers/counter-offers and more counter-offers, someone else puts in a bid. That offer was declined and our 3rd counter-offer was accepted. We sent in the contract and escrow check, etc, etc a week and a half ago and we're waiting for the seller to sign the contract.

Yesterday we were told that the asset mgmt. company is "moving the file to closing" but what does that mean? Can anyone clarify for me the typical stages of the process from here to the time we actually get a seller-signed contract? I understand that anything could happen between now and then, but is it likely that if another offer comes in, the bank would take it and throw our deal out?