Here is what happened:
Submitted entire package to bank with a signed contract.
Bank came back with a counter offer that was $10,000 higher than the contract price.
The buyer refused the counter-offer and walked away.
So, Does the bank making a counter offer mean that the investors have approved the sale or does the bank make a counter off FIRST and then submit it to the investors?
IF the counter offer does in fact mean I have approval for sale do I simply find a new buyer, submit a new contract at the banks counter offer price and then the bank approves it ?
Does the process have to strat from square one or do I simply substitute a new buyer for the one who walked away?
Whose name was listed as the buyer in the offer you submitted to the bank? If it was your name, than if you accept the counter it becomes binding and you would need to find another buyer.
If it was the buyers’ name, than only the buyer can accept the counter. If you find a new buyer you will need to submit a new offer. But now at least you know how much the bank is willing to sell the property for.
And one last thought - why is the buyer walking? It seems you got a good thing going - you made an offer and got a counter from the bank. Why not counter it again with something that is acceptable for the buyer? Just a thought. Good luck!
things seldom happne in a specified series of events. every deal is different.