real estate offer laws

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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 12 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


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