can a seller change the selling price after accepting an offer and signed a binder ?

Asked by Mauricio, Bethel, CT Wed Nov 5, 2008

im working with a bank owned property i made an offer they cvame back with a counter offer and we acccepted it we both signed a binder and i gave a check to hold it, can they change the price on me, thx i appreciate any help

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Delores Rach, , Jackson, WY
Wed Nov 12, 2008
Yeah - If its not 'in contract' that is an actual signed contract by both parties. That said, in 15 years I have only heard of buyer and seller agreeing to a price and seller backing out. I read about a guy in Ridgefield, CT - I think the house was on Highview, but am not sure. I think it has since been sold. The seller(s) twice agreed with buyer on a price and twice asked for a higher price, but that was before contract. Still I can't imagine any seller doing this in this market. Though in 15 years of transactional real estate I could never imagine such behaviour regardless.
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Joshua Hanoud, Agent, Spring Hill, FL
Wed Nov 5, 2008
Generally speaking, no - I've never seen that happen once a contract is already in place and earnest money deposited with the banks title company.

Now - whether they CAN or not, is a question for your Real Estate Attorney as they would have to look over and interpret your contract for you to tell you exactly what the bank can and cannot do according to the terms of the contract that you signed.

Hope that was helpful!

Thanks,

Josh
0 votes
Patty Everitt, Agent, collierville, TN
Wed Nov 5, 2008
Banks are very tricky and powerful, I have not had that happen, although, they did request the buyer to come to the table with more money, which to me Is changing the price of the house. When you say a binder , is that the same as a contract?? Good luck on that one.
Patty
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