"You are correct that as communicated by BofA to the seller or his agent, the counter would be a counter to the seller's offer to release the encumberance, but when the seller communicates the BofA counter-offer to the buyer, it is both a…"
"Well I guess the moral of the story is to not execute a second "back up" contract.
Moreover, based on what you all have said, even though the seller might think they have another buyer bound to a contract, if the buyer can't enforce…"
"It is the seller who is attempting to obtain a release of the encumbrance, so I would disagree. The "counter offer" made by the lender is to the seller, so it would not be buyer specific.
It is the sellers who are in a contractual…"
""Perhaps you can give us some clarification (OK, give me clarification) on your scenario. What do you mean by "rejected" offer? Simply a counter? Because as long that seller counter is out there the first buyer could accept. If the…"
"Funny thing is that the agent did have to start the process all over again with the newly executed contract between the initial buyers and the sellers. To me if the "backup" was a fully executed contract, it would make more sense legally…"
"So if you have an executed back up contract, once the bank rejects the first contract and the first buyers reject the bank's counter offer, at that point not only is it okay to submit the second contract to the negotiator, but wouldn't the…"
"It might be wise. The seller is wanting to get out from under the debt, and the bank wants as much $$ as it can get, so how could introducing the additional offer/buyer impact that negatively, especially if the backup contract price is higher than…"
"What does "fully rejected" mean? Once the bank has rejected the first contract, and made a counter offer which the first buyer rejected, isn't the seller then obligated under the signed "back up" contract?"
"I was in back-up, but the first offer has already been rejected, and the seller's agent seems to be refusing to submit our offer to the negotiator/BoA. Not only that, but BoA made a counter offer which the first buyer has also rejected, but…"
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