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Thomas McJD
Thomas McJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 6515
Experience:  Real Estate Attorney
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I have put an offer of 250,000. cash on a home listed in my

Resolved Question:

I have put an offer of 250,000. cash on a home listed in my area. The listing price of the home is 189,000. I am the only offer to even meet the asking price. This is a short sale and has been on the market for three months. I made my offer three weeks ago. Does the institution who owns the home have the right not to sell it to me?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Thomas McJD replied 1 year ago.

Thomas McJD :

Hi, I'm Thomas and will be happy to assist you. My goal is to make you a very satisfied customer! Thanks in advance for your patience.

Thomas McJD :

Unfortunately, they owner that is selling the property does have the right to not accept your offer even though it is over the asking price. The way the law works is that the advertising/asking price is not an offer to you that you can accept by making your offer. That means that once you make an offer, they can either accept it, reject it, or make a counteroffer to you, which is essentially a rejection of your offer and an offer to you, which you could then accept.

Customer:

They have done nothing. No response.

Thomas McJD :

And if you used a standard form of offer (such as through a real estate agent) there will be a time specified in your offer. They must accept the offer within that time period. If they do nothing, then it is a rejection of your offer by default.

Thomas McJD :

If there is no such time period in your offer, then the law imposes a "reasonable time" within which they must accept the offer. That would typically be 2-4 weeks.

Customer:

I don't think we put in a time. So does that mean they can still reject my offer?

Thomas McJD :

Yes, unfortunately they still can reject your offer even if there is no time limit within which they must accept.

Customer:

Well that does not sound fair. Guess it is law I will fight to change. LOL

Thomas McJD :

Yeah, I'm sorry. It's pretty goofy that they can ask a certain price and you can't force them to accept your offer that is much higher than the asking price. I'm sorry the law isn't on your side on this one.

Customer:

Do they owe me an explanation of why they are not selling to me?

Thomas McJD :

No, they don't have to tell you why they reject your offer - if they do.

Customer:

How would know, say if it were for raceial reasons?

Customer:

oh my typing...

Thomas McJD :

Well, you wouldn't know for sure. But if you could prove that other offers (many others) were rejected and it just so happened that it was rejection of offers by a persons fitting a particular racial profile, then you could assert in a court of law that the rejected offers were on the basis of race. It's very, very difficult to try and prove that type of case and very few such actions have ever been successful.

Customer:

I see. You have been helpful. Thank you. Oh one more question. My escrow on paper was supposed to close the 18th. It has not done so yet. What can I do about it.

Thomas McJD :

Well, you wouldn't be able to do anything based on the closing date since they haven't accepted the offer. If they had accepted the offer and then failed to close on the specified closing date, you would be able to sue for breach of contract. You would be asking for specific performance of the provisions of the contract.

Customer:

no no this is the house I have sold. Sorry about that.

Thomas McJD :

Oh okay. Generally the seller's (your) remedy is under a liquidated damages provision under the contract. In most cases, you would just get to keep the deposit they placed in escrow if they don't close by the specified date.

Customer:

OK thank you. I think that is all I need.

Thomas McJD :

Great. You're very welcome. I am grateful to have had the chance to assist you and would be very appreciative if you could please leave me a positive rating. Thanks and have a great night!

Customer:

you too.

Thomas McJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 6515
Experience: Real Estate Attorney
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