Preventing REO sneak...

[David Sirmons]

Now that I've gotten a lock on an REO, what's to keep someone from discovering it's listed with a RE agency, then submitting an offer of 1k over my price and basically stealing a deal from me?
Any way to do the 'Affidavit and Memorandum of Agreement' on these?

[Anson Young]

Originally posted by David Sirmons:

Now that I've gotten a lock on an REO, what's to keep someone from discovering it's listed with a RE agency, then submitting an offer of 1k over my price and basically stealing a deal from me?
Any way to do the 'Affidavit and Memorandum of Agreement' on these?

The bank can cancel your deal at anytime, its most likely in the addendum. They only have incentive if the new offer is high enough to justify the longer closing timeline that comes w/ breaking your deal and getting a new buyer under contract, etc. Basically, I have seen it happen a small handfull of times, its not very common.

The bank wont sign anything that isnt favorable to their terms, you did read the addenda, right? Talk about one sided.