Legal Question in Real Estate Law in Florida
My daughter is trying to buy a foreclosure in Florida. Last week she submitted a bid. On Friday, the bank countered which my daughter accepted. On Monday, the bank told the Realtor it had a cash offer. On Tuesday, the bank said it didn't have a cash offer. What can my daughter do?
Asked on 11/10/10, 4:00 pm
2 Answers from Attorneys
Under Florida Law, until she has a contract in writing, signed by both sides, she has nothing. Even then, depending upon what it says in the contract, the bank may write provisions in the contract allowing them to modify, delay or cancel.
Answered on 11/15/10, 4:15 pm
Shelly Schellenberg MI & FL
private practice
Buying a foreclosure property is not for the inexperienced. Your daughter would be smart to have a real estate attorney review her documents before she signs on the dotted line.
Answered on 11/15/10, 4:36 pm
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