Last Thursday my real estate agent called and told me that the offer I put on a house was accepted. The bank told my agent that they accepted our terms and will get back to us with a contract but just this morning I receive a phone call from my agent telling me that the bank decided to accept another offer even though they have given us a verbal agreement. My question is that can the bank do that when they have given us an agreement verbally on the phone
Can Bank Change Mind after verbal agreement?
A verbal agreement isn't worth the paper it's written on.
Yes, they can do it and that happens alot. Until you get it in writing, it's not signed, sealed and delivered in the Real Estate industry. It's not %26quot;morally fair%26quot;, but they can do it.
Verbal agreements can be binding under certain circumstances, but you really need alot of proof that real, tangible, or monetary damages were done, and evidence that there really was a verbal agreement.
Can Bank Change Mind after verbal agreement?
You should call a lawyer and ask. I thought verbal agreements were a contract too. Since you were told they would draw up a contract they shouldnt be able to just accept someone elses offer. But since you were told over the phone they may be able to just say they dont know who you talked to. Then again you can prove you called with your phone bill if you know who you talked to...did you try talking to the bank manager? I know I'd be ticked if I was in your situation.
Yes, they can do that, as long as they have not provided an acceptance in writing to you. In fact, ANY seller can do that. You have no accepted offer in real estate until you have the signed acceptance of your offer.
Bring the verbal agreement to court and put on the table next to their written contract and see which one the judge awards.
In the US, verbal agreements are not legal with regards to a real estate transaction....thus the purpose of a contract.
That is no such thing as a verbal contact in the real estate market.
yes you better get a lawyer
yes they can as it was not in writing
yes
it has to be in writing
i don't thinks so
