Legal Question in Real Estate Law in California

Bank owned counteroffer

I made an offer for property in ontario, ca. The bank responded with a counter offer. I verbally accepted. I signed the original offer but not the counter offer. The counter offer i agreed to was verbal. I have also submitted a check in good faith. Now, i am having reservations and may want to withdraw before signing my loan documents. What are my right? I have not signed anything but the original offer which was countered by the bank...What are my rights


Asked on 9/13/08, 1:44 am

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Bank owned counteroffer

Technically, your original offer is still in place, since it was the last written item of negotiation (offer, counteroffer, or rejection), unless it has expired by its terms. You should withdraw it in writing unless you are still willing to buy on the terms of that offer. In any subsequent dealings, you should be careful to take, or immediately confirm, each step in a signed writing.

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Answered on 9/14/08, 5:26 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Bank owned counteroffer

Real estate transactions MUST be in writing. You could theoretically write to the bank accepting the counter-offer, or you could take some other course of action the consequences of which would depend on facts you haven't given.

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Answered on 9/13/08, 2:56 am


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