Offer accepted verbally - nothing in writing!

[Bryan L.]

Looking for advice on an REO property. I made a cash offer that was not accepted...a couple weeks later they made a counter close to my offer and I accepted. They required new paperwork and a new letter from my bank stating funds were available and seemed to need everything now, now, now!

Well, it's been over 2 weeks and I have nothing signed from them?  I've checked in with my agent a few times because there is a lot of activity at this property and I'm getting nervous I'm going to lose it to a higher offer.  I was told the listing agent considers the property under contract and is telling anyone that inquires about it that it's under contract and not showing...but why all the traffic?

Is this typical?

[JD Martin]

2 weeks? Not where I am. A few days is not unusual. I would have your agent give them the ultimatum or walk. There's always another deal around the corner, time is too short and precious to deal with flaky people. As long as they don't sign, you have no legal recourse nor should you start spending any money to make the deal happen.