offered full asking price agent kept taking offers

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offered full asking price agent kept taking offers

I offered the full asking price on a property knowing there were 3 other offers on the table now 10 days later there are 12 offers and I’m being told that the bank that owns the property may not accept my FHA loan offer

Asked on June 11, 2009 under Real Estate Law, Ohio

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

What is your question? Is this legal? Absolutely.  A bank doesn't have to take the first offer or first full asking price -- that is why sometimes people pay more for the property than originally listed.   If the appraisal can fit the amount offered, it is a no brainer for the bank. 

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

What is your question? Is this legal? Absolutely.  A bank doesn't have to take the first offer or first full asking price -- that is why sometimes people pay more for the property than originally listed.   If the appraisal can fit the amount offered, it is a no brainer for the bank. 


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