If I offered to pay cash of a listing price-bank owned home but realtor says the bank owned house is waiting for a higher offer, is this legal?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I offered to pay cash of a listing price-bank owned home but realtor says the bank owned house is waiting for a higher offer, is this legal?

Asked on June 7, 2012 under Real Estate Law, California

Answers:

Janet Martin / Janet Martin Attorney at Law

Answered 11 years ago | Contributor

Well your "offer" is only an offer until it is accepted. Then it becomes a contract. That's how it works in real estate. Your situation is not uncommon. in the "hay day" of real estate skyrocketing prices, it was very comon for buyers to offer more than full price. offering full price, and cash does not automatically get you the contract. Here's the secret: You should resubmit your offer to say $1,000 above highest offer up to XX price" (and make the price ceiling maybe 10,000 or 15,000 higher)--if they don't get another offer higher, or slightly higher than your original, you still win!   THAT will get you the property at the price you can live with.


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