Depending on where they are in the foreclosure process, it does take almost 75 days from the first month of delinquency and just a few days from the date of trustee sale. Most home owners do not understand this, so Alan's wife could be getting the right information, but beware, there are many victims out there, did Alan and his Dad, put his ernest money deposit in the title company or escrow company or lawyer? Some states use attorneys, and did they make their deposit contingent upon "Bank's approval"?
When you say binding to the sale, it sounded to be- non-refundable, but why enter into such agreement if the property is not an REO ( bank owned yet)?
Founder, Emerynet Wealthgroup