Hi there,
We submitted an offer on a condo. Seller’s agent submitted a counter offer FORM which I signed and faxed back to sellers agent. Seller’s agent again signed the counter offer form on DATE. But till today, seller’s agent has not contacted escrow. My agent had to open escrow. Seller’s agent said he needed to get the banks approval. So, do I have any legal rights to buy the property on the agreed amount? Should the seller’s agent have consulted the bank before submitting and approving the counter offer?
Thanks.

The final approval comes from the bank which can take several weeks depending on how often the board that approves such offers meets or gets the lead out. When dealing with bank-owned properties, there is a whole set of new rules. Buyer have to do everything they ask in the time frame they give you, the bank does what ever it wants, whenever it wants. Your agent should have explained the process to you.