Legal Question in Real Estate Law in Florida
If we offer full asking price on a short sale property for sale, and subsequently do not get the property because the lender wants more money -- isn't that false advertising with the intent to mislead us, the consumer? and breach of contract? Why do sellers and their realtors get away with making up totally fictional sales prices? They should have to get an agreement with their lender on an acceptable price BEFORE listing the property for sale -- otherwise they are violating the law by false advertising. Yet, the FAR apparently condones and offers realtor guidance on continuing the practice of false advertising with an asking price which means nothing other than fooling buyers.
1 Answer from Attorneys
Vent all you want, but at the time you put your offer in on the home you knew of the contingency in the contract that required the approval of the lender. Therefore, no, it is not a breach of contract, but rather, the seller followed the terms of the contract that you agreed to, and when the lender would not cooperate the contract was cancelled pursuant to the contingency. If you don't want to deal with this type of situation, don't attempt to purchase a house through a short sale.
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