Legal Question in Real Estate Law in California

Re: Contract law

No. The statute of frauds requires a writing when it pertains to real property. I also didn't read anything about an acceptance. I see that the bank solicited an offer from you of a higher figure -- $190,000. I can't tell if you made the offer in writing. Nevertheless, it appears the bank did not accept it in writing.

Re: Contract law

The bank is not obligated to sell to you at $180,000 or at $190,000, because it has never put anything in writing (that would amount to an acceptance). In ordinary real-estate negotiations, offers and acceptances must be in writing. This is part of the Statute of Frauds.

As a separate matter, you might be obligated to buy at $180,000 since your submitted offer was presumably in writing, but there might be a valid argument that the bank rejected your offer, thus taking you off the hook.

The Statute of Frauds is a very porous law, and there are numerous exceptions or ways to show that its requirements have been met, but based on your facts, I don't see any exception or loophole under which you could oblige the bank to sell at any given price (I think you meant to ask about $190,000 rather than $180,000 in your final sentence).

Re: Contract law

Nope - Statute of Frauds requires that all agreements which involve the purchase or sale of real estate must be in writing. Plus, I don't see where the bank accepted your offer from what you posted - if their agent said they will accept it, that's a whole different story than the bank actually accepting it, and the agent lacks the authority to bind the bank.

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