Legal Question in Real Estate Law in Florida
If i am in a Binding Contract since 04/29/2010 and as the property is a Shortsale property, the Bank now makes a counter offer. If we counter the Banks offer back does that mean our initial contract with the Seller is void and its an entirely new contract??
2 Answers from Attorneys
No. If you have a binding contract, it can only be changed by mutual consent. If you do come to an agreement, then you will enter into an Amended Contract which will modify the original. Or they will draft a whole new contract and void the first. Either way, the result would be the same.
If you are in a binding contract, then presumably the offer was accepted by the bank. A counter offer is a return offer made in response to the original offer. In other words, you make an offer and instead of accepting it they make a counteroffer. If they had accepted, there would be a contract. But if they make a counteroffer it is a rejection of the original offer, so there would not be a binding contract unless you agreed to their counteroffer. I cannot answer this question without knowing more, so I suggest you consult with an attorney. Regards,
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