How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RealEstateAnswer Your Own Question
RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23943
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
9540344
Type Your Real Estate Law Question Here...
RealEstateAnswer is online now
A new question is answered every 9 seconds

The question is about a short sale. We made an full price

Customer Question

The question is about a short sale. We made an full price offer on a short sale that was supposed to be lender approved. Buyers accepted the offer and 2 weeks later the lender came back wanting 20,000 more that the list price--full offer. Is this legal and can the lender do this after they have approved the amount of the short sale. Would this be bait and switch?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 5 months ago.

Good evening. Who told you the short sale price that was listed was already lender approved?

Customer: replied 5 months ago.
Our realtor.
Expert:  RealEstateAnswer replied 5 months ago.

Thank you. Rarely is a short sale already approved at the listing price. I say this because the offer has to be submitted to the bank, as in this case and then they have to agree to accept it. Moreover, no matter if it is a short sale or a regular sale, the seller has to first accept the offer, even at list. Making a full price offer does not obligate the seller the sell it and in this case, unless your realtor has something in writing, advising that the list price would be accepted it would be hard to sue the bank. In addition, the bank may have never approved that price and the counter-offer is what they feel is fair market value at this time.

Expert:  RealEstateAnswer replied 5 months ago.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Related Real Estate Law Questions