is it legal to ask me to raise my offer from $285,000 to $299,900 after signing the contract by both parties and completing the home inspection?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
is it legal to ask me to raise my offer from $285,000 to $299,900 after signing the contract by both parties and completing the home inspection?
I saw a property and gave a written offer of $280,000 on the same day along with $2,000 earnest money check. my realtor called me and said the seller is asking for $295,000 then I gave the offer for $285,000 after 3 hours my realtor called me again and said the seller has accepted my offer of $285,000 and asking for more $3,000 toward earnest money. I visited the property again and signed the contract at 3pm and gave $3,000 check as earnest money, that total up to $5,000. i did a home inspection on 15th and paid $275. my realtor called me and said, seller got another offer of full price
Asked on June 16, 2009 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
From your question and the description you state, it seems that there was a contract signed by both parties. If so, then no, the seller cannot accept another, better offer--once the contract is signed, they are obligated to sell to you as long as you meet your requirements (e.g. get mortgage approval). Not that you need anything more than the signed contract, but, but the fact that you put earnest money down and in reliance on the contract spent money on the home inspection helps solidify your position. The seller could offer to give you part of the difference in price between your offer and the full price one to get you to agree to walk away, I suppose, but that'd still be your call--once the contract is signed, as long as you're meeting your obligations, the seller must meet his or her and sell you the home.
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.