Foreclosure Buyers' Trump Card

Not a Deal . . Until it Is

If selling foreclosures is a card game, the bank-owners would seem to be holding the best cards.

After all, they can decide whom to sell to, what price they'll accept, and what contracts and which title companies to use (theirs!).

No wonder so many prospective Buyers find the process frustrating.

However, as I like to remind my Buyer clients as they wait -- and wait -- for their deals to come together, the one card they hold is a big one: the right to pull the plug.

Up until the time all parties have signed off on the Purchase Agreement and any addenda, the Buyer has the right to revoke their offer (or counter-offer, as the case may be).

Especially in a housing market where's there supposed to be more inventory -- especially foreclosures -- in the pipeline, that would seem to be potent leverage.