Legal Question in Real Estate Law in Texas

I have a real estate contract that his subject to seller approval in TX. The property is a REDC reserve auction. There is no expiration date for this contract offer until the suggested closing date. This property will undergo a mortgage and the purchase is not contigent on financing, although it is noted in the contract that is the pursuant to the purchase. My question is does this contract expire at any time before closing? Or can the seller (REO) accept the offer even up to day of closing? It is generally accepted practice that a time period is needed for mortgage closing. In addition, the auction company advertises a 15 day business day period for the seller to return offers, including their phone but it is NOT listed in the contract.


Asked on 3/11/10, 6:24 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

It is impossible to answer without examining all documents involved in the sale including bidding procedures and contract. Easiest is to get your question clarified in writing by REDC. Good luck.

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Answered on 3/17/10, 6:13 am


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