Is it possible for a contract on a home purchase be declined because it’s too high?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Is it possible for a contract on a home purchase be declined because it’s too high?

There is a property shortage and a price war. When we put a contact on a home they say we loose the house because we are too high or too low. How are we supposed to buy a house this way? We are already pre-approved for the loan as well.

Asked on May 4, 2017 under Real Estate Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

IF the contract was already accepted, it cannot be subsequently refused or declined for this reason: a contract, once accepted, is binding. However, if it was not accepted, then it could be refused for this or essentially any reason: the law gives residential real estate sellers enormous discretion in terms of what offers to accept (or not), and they can decline offers for any reason at all, even silly or stupid or factually unsupported ones.
The only exception to the above: they can't discriminate against you due to your race, religion, national origin, sex, or disability. If you believe the refusal was really for one of these reasons, contact HUD about possibly filing a housing discrimination complaint.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption