Home Buying in California>Question Details

Amama, Home Buyer in Californai

Can a bank raise the price of a home while in escrow?

Asked by Amama, Californai Sun Mar 8, 2009

My husband and I put and offer on a short sale home and the offer was accepted. We received nothing in writing from the bank, but both sides signed escrow papers stating the purchase price and date to close. Now the bank is coming back saying they want $25,000 more. We already had a home inspection and appraisal because we were told everything was ready to go. Did the escrow company have to have something in writing from the bank before the papers were drawn up? Also, what questions should I be asking my agent? Something just doesn't feel right.

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2
This happens many times. I have had many deals "die" because of this. What probably happened was, and they may have already explained this to you, but another lein may have been placed on the home... Basically, you would be paying for the other part of the lein.

Good luck and best wishes

Margaret Queen
Russell Realty
0 votes Thank Flag Link Sun Mar 8, 2009
Amam,

Have your agent stand very firm with the bank.

They try to play this game, but after prodding and nudging, they should come back to the agreed upon price.

You can also talk with a real estate attorney and have him/her look at your contract.
Web Reference: http://usaloanshome.com
0 votes Thank Flag Link Sun Mar 8, 2009
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