We offered a few times on a house in Raytown, MO that was over priced, but then most foreclosure properties are at first. In each of the rounds of bidding (three…each time the price changed downward) we offered and held firm at $30,000 with a cash closing about 10 days after acceptance.
The latest round we were to close on December 28.
So, in essence, the bank would have had $30,000 in cash on December 28, 2011 and would have released all their liability with owning the property.
Well, they just lowered the price to $29,900 and the house is in limbo as they decide whether or not to send it to auction. Can anyone, and I mean anyone, explain this to me?