Belt Auction

Do banks regularly back out of verbal agreements in a foreclosure if presented with a better offer?

I just placed a bid on a foreclosure to hear that the bank accepted an offer that same day. I bid pretty high. Better than what most are offering. Though this may be a question of ethics, do banks regularly pull out of an initial verbal agreement if presented with a way better offer. I have reason to believe we presented them with an excellent offer and am honostly hoping somehow they can accept our offer even after saying yes to another. What do you think> I placed an offer in writing but the bank accepted the people who bid before us. I don't know if they received a verbal or written ok from the bank. I just want to know if the bank can walk away from their offer if I gave a way better offer even after they approved the bid before me. I placed an offer in writing but the bank accepted the people who bid before us. I don't know if they received a verbal or written ok from the bank. I just want to know if the bank can walk away from their offer if I gave a way better offer even after they approved the bid before me.

Public Comments

1. With the headlines what they are, why in the world would you enter into a verbal agreement with a bank. If it ain't in writing, its not worth anything.
2. Banks do not enter into verbal agreements. In fact they will not even talk to you about a house they are selling, they will talk to their agent only. The bank will not risk a law suit, they will not even look at your offer if they already accepted ones. Even if they take back ups they will not even ask for them, their agent holds them. The banks accept highest and best offer. Not simply highest. The other bidder may have offered more cash or had better credit, making them feel more confident that they would be able to obtain financing.
3. Any seller has the right to change his mind on any offer, regardless of what may have been said verbally. You don't have an accepted offer unless the party to whom you made the written offer signs said offer and returns a copy to you. You can always raise your offer to the bank involved, and I'd venture that they will consider it, if it happens to be better than the OTHER offer.