Is it legal for a bank to change their offer once you accepted it? The situation our realtor showed us a bank owned foreclosure (not a short sale)
the asking price was 260,000. We offered 210,000 and asked the seller to pay 6% to closing. The bank countered at 250,000 and offered to pay 4% to closing. We countered at 225,000 and asked the bank to pay 4% of the closing. The bank countered at 240,000 and agreed to pay 4% towards closing. We agreed to that offer!!! After not hearing anything for two days we had our realtor call the bank they said their new offer is 254,000 and would pay 4% towards closing. WTF? That was worse than there first counter offer. Is that legal? Or is that a classic bait and switch?
Bradley, As a realtor who represents many banks in foreclosure, this does NOT sound right at all. The banks I work with would NEVER do this!!! I question the bank involved and you may want to question your realtor too. Once the bank agrees to an offer, they send out their bank addendums for the buyers' signatures, usually within 2 days. The fact that there is so much wrong here... is what makes me question who was telling the truth here and who wasn't..... In any event, I apologize for the trouble you are experiencing! Bait and switch is against the law, period.
If it's not in writing it's not enforceable. Sorry. Banks are not the easiest to work with.
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