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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27640
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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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: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

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

Customer: replied 1 year ago.
Our realtor.
Expert:  RealEstateAnswer replied 1 year 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 1 year ago.

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