If we accepted a counter-offer from a bank on a foreclosed property for a certain price, can they come back wanting more money?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If we accepted a counter-offer from a bank on a foreclosed property for a certain price, can they come back wanting more money?
Can they do this after we have already accepted their offer?
Asked on July 17, 2012 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the bank that you are in contract with actually owns the property and is on title to it as opposed to a lender signing a short sale addendum, then IF you are in contract by virtue of accepting the bank's counter offer, then the number agreed to is the purchase price you pay.
If the bank tries to ask for more money after you are in contract, it can but you are not bound to do so. If that happens, you should consult with a real estate attorney about such issue.
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.