Legal Question in Real Estate Law in California
real estate transaction
I am just wondering if a bank has a legal responsibility to return paperwork submitted regarding a offer on a foreclosure, if the offer was rejected? I know that is you submit an offer to a private party they return the offer with the rejection of offer area signed...We are questioning if the real estate agent even submitted our offer because we have no physical proof that the bank rejected it. Is there anything we can do?
2 Answers from Attorneys
Re: real estate transaction
Contact the bank directly.
Re: real estate transaction
The bank has no legal responsibility to return papers, or to respond in any other way, to an offer, whether solicited or unsolicited. This is also true of private parties...offers can almost universally be rejected by "pocket veto" - i.e., inaction. The main reason sellers (banks or individuals) respond to offers with signed rejections is to make a counteroffer or in the hopes of receiving a sweetened offer from the would-be buyer.
There may be trades where written rejection of unaccepted offers is expected or required as a matter of trade custom, but it isn't housing.
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