real estate offer laws
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
real estate offer laws
i wanted to make an offer for a bank owned property in the los angeles area which hit the market 3 days ago. i spoke to the agent this morning and he told me we already have 10 offers on the property. i asked the agent if i put in an offer 100% cash 50k down from the asking price. he told me dont even bother with the offer. i did compareable sales and the price i got was very close to my offer price. is this possible for the agent to tell me this? why are there not laws for transperancy on offers? or maybe there is? if this continues agents can artificially raise the asking price. please help!
Asked on May 15, 2009 under Real Estate Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
If you think the agent is bluffing, simply go ahead and make your offer anyway, because I would think the agent is legally obligated to let the bank know about it. However, the bank may have told him that they would not sell below a certain price, no matter what the comparable sales look like.
I don't practice in California, so if you want to pursue this further, and get a detailed explanation of your rights, you should talk to an attorney in your area. One place to find the lawyer you need is our website, http://attorneypages.com
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.