Can a bank accept a higher offer than the one we already agreed and signed on?

We offered 335K on a bank owned house. They accepted and typed up an offer addendum. Which I signed. Before the bank signed it, a family offered 10K more than our previously settled amount. They are taking the other families offer. Their addendum says:RIGHT TO ACCEPT OTHER OFFERS: Seller reserves the right to continue to offer the property for sale and to accept any offer acceptable to Seller at any time prior to Buyer acceptance and communication of acceptance by signing below.I had already communicated acceptance and signed. Do I have any grounds for legal action?

Asked on June 29, 2009 under Real Estate Law, Utah

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you really want this particular house, run, do not walk, to an attorney's office, with all of the paperwork, for advice you can rely on.  You may have the right to force the bank to sell the house to you at your price, but if you don't act on that right fairly quickly you will probably lose it.

One place to find a lawyer who can explain your rights, and enforce them if it's possible, is our website, http://attorneypages.com


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