I may be seeking individual counsel on a foreclosure transaction. If so, here are the circumstances

Long and short of it ; I am waiting to hear back from my RE agent ( not the problem) as to whether the bank will accept my ‘Best and Final’ FHA approved offer. I was in contention with 2 others, one is no longer in the running.The other made a cash offer, apparently lower than mine…which the bank took over mine with the 24 hour acceptance provision. That party then COUNTERED with stipulations of their own they want the bank to meet. This seems out of line to me and I just wanted to make sure it is either within the guidleines, law, stipulations or not. I want the property.

Asked on July 6, 2009 under Real Estate Law, Arizona

Answers:

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

Answered 11 years ago | Contributor

For right now, sit tight.  The bank might reject the additional stipulations, and accept your offer.  It was within the bank's right to accept a lower offer for cash, because financing always creates an element of uncertainty.  If the bank ends up selling to the cash buyer, there's really nothing you can do about it.

I'd suggest having a lawyer on board, for any transaction involving this kind of money.  Usually, the fee can be included in the closing costs and paid then, and it's a lot cheaper than most of the mistakes that you can make.


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