Upcoming Foreclosures

How long do I need to wait for the bank to sign the addendum to buy a foreclosure?

I sent a purchase contract to Fannie Mae for a foreclosure and they sent back an addendum. I reviewed it, signed it and sent it back last week. How long do they usually take to signed the contract? and how about if they hold the contract for another week or weeks to see if they get a better offer, can I get out of it?

Public Comments

1. Your contract (and the addendum) should have a "date of acceptance." That's a specific date where the contract must be signed by all parties, otherwise the buyer can withdraw the offer. If you offer had a date of acceptance and FM sent you the addendum after the date of acceptance or didn't extend the date in the addendum then you are not obligated. If you want the home and agree with the addendum, add a date of acceptance. That will prevent FM from holding the contract to see if they get a better offer. realtor.sailor