If we accepted a counter-offer from a bank on a foreclosed property for a certain price, can they come back wanting more money?

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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 8 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.


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