Sep

28

is it legal for a bank in California to renege on a real estate sales price?

Filed Under Renting & Real Estate 

Thomas S asked:


If an institution offers a property for
$100,000.00 and you accept that offer doesn’t that constitute a
binding contract?

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Comments

2 Responses to “is it legal for a bank in California to renege on a real estate sales price?”

  1. Caffeinated Content on September 30th, 2008 6:37 am

    Caffeinated Content for WordPress

    If the offer was signed by both parties, then yes, there’s an agreement to sell at the price in the contract.

  2. Caffeinated Content on October 1st, 2008 1:06 pm

    Caffeinated Content for WordPress

    When two parties agree orally or in writing and both accept that agreement then the agreement in valid.

    An offer to sell a property at a certain price is not an agreement. If you made an offer that is simply an offer to purchase. The bank or lender does not have to accept your offer.

    The key word in all this is offer.

    Now if they accept and sign your offer it now becomes an agreement.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

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