BOA and Secondary Offers

How do I deal with a secondary offer? I am in contract for $300k but another offer came in for $322,600. Do I have to let BOA know about the 2nd offer? I countered the 2nd to put them in back up position.

Thanks,

Rita

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on May 2, 2012 at 6:39am

Handle like you would any other Real Estate transaction in compliance with the Law.

Permalink Reply by Rita Boswell on May 2, 2012 at 10:22am

Thank you Kevin, thats what I thought but I never know when dealing with BOA. The agent with the backup offer wants me to let the bank know about her offer since it is higher. I don't believe that is the right thing to do.

Permalink Reply by Keji Ogunleye on May 3, 2012 at 3:27am

Seller can only sign one offer at a time... letting the bank know of another offer does nothing.. You letter the seller know, but seller cannot sign offer since another one is already with lender...

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