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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6846
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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Im in Kingston ,pa , and I did contract to buy e house which

Customer Question

hi everyone ,
Im in Kingston ,pa , and I did contract to buy e house which was listed as 150,000.00
plus the 3% seller assist because im first time home buyer the seller real estate agent came back and said this will be short sale , I didn't know what's mean to be short sale , anyway they send me the paper it say its short sale to singe they came back in around month saying ok the bank accept the short sale and sent me the as is paper so i don't ask the bank to fix anything, you can start do your inspection your mortgage, I did the inspection and I start my mortgage process sent my paper to lawyer to start the title search and everything, they come back to tell me the bank he didn't approve the sale and he want to increase the price to 155,000.00, and they actually put the house back in the market for that number .
is that even illegal????
what I can do???
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 5 months ago.

I'm afraid that there is nothing you can do about what happened. It is perfectly legal A "short sale" is a different kind of real estate sale. A short sale basically is between a buyer and the mortgage company which hold the mortgage when the purchase price is less than the balance owed. There are some very complex rules involved, but basically the mortgage lender can change the price, pull it from the market and/ or sell it to someone else at any time. If you read the purchase agreement that your real estate agent gave you that the bank signed you'll see that they can do what they did. If you still want to buy the house you will have to submit a new offer for the increased price.

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