Legal Question in Real Estate Law in Arizona

I am trying to buy a house in AZ, in July I put a bid on a house that was selling for $50,000.00, I offered $52,000.00 and the owner accepted but I was told it was a short sale and had to see what the bank said. the bank keeps going up on the price it is up to $59,850.00 is this legal?


Asked on 11/15/09, 12:27 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Yes, it is. Usually the bank does not go up in price, they set a price that they are willing to accept on a short sale. If the appraisal on the house goes down, then the bank's price will go down. Since this started in July, why do you raise the question now?

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Answered on 11/20/09, 10:16 am


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