***Does the law of contracts still work anywhere? If their offer was accepted, it shouldn’t matter who else came in with any amount of money. The selling bank should be sued for breach of contract.***
Exactly what I thought. But, the wording in the article is a bit loose: “they accepted the offer,” doesn’t say they signed a contract on the spot. I hope they did. And I hope they win.
letters of intent are enforceable as a construct of contract terms to be formally signed at appropriate date mutually agreed to by the buyer and seller.
That is why offers and counter offers are in writing and signed.