Can an accepted offer on a home be rejected?

**yungwunn911** · 06-03-2008, 03:30 PM

Hi everyone,

My first time posting here, nice forum!

I have a question. If I were to place an offer on a home that were to be accepted by the owners (this is a short sale property) and sent for lawyer review, can someone else still place a higher offer and mine basically junked?

I am in a situation similiar to this, and I'm not sure if its a realtor scam, or what is going on. I wasn't even told what the other offer was, so don't know how to counter it!

Please advise.

-Mike

**Mike Taylor** · 06-04-2008, 04:09 AM

This would not surprise me at all. I think your problem is that you are under the impression that "sent for lawyers" review means you are under contract. This is definitely not the case.

**clemy** · 06-06-2008, 01:50 PM

The rules for short sales are different than regular sales. The owners have very little to say in the matter. What you are waiting for is for the bank to approve it or not. That could take weeks or maybe even more than a month. If you really want the house, you need a lot of patience and just wait to see what the bank will say.

**nancyarora2020** · 07-01-2008, 05:37 AM

I recently invested in the real estate and discovered how important role formal agreements and legalities play in it. I never expected it to be such a tedious task. Contracts seemed to me pretty simple at the first glance but the whole procedure got a bit complicated later on. After getting done with groundwork of financing, settling down with an area of investment, sending the letter of intent to the owner, etc I was all ready to put everything in a contract. Initially I thought I will be able to manage the whole procedure all by myself. But later I decided to take the help of some real estate consultant or attorney for it as it gets very difficult for first time buyers like us to deal with all the paperwork. . It