Legal Question in Real Estate Law in Florida

When purchasing a short sale and a price is agreed upon, is it legal for the bank( or holder of mortgage) to change the price to the buyer? We were told that the price was pre approved by the seller and now they want much more money


Asked on 8/29/12, 8:47 am

1 Answer from Attorneys
Joseph Justice The Justice Law Firm

Short sales are always subject to approval by the bank. That language was probably included somewhere and your realtor should have brought this up. The seller can list the price at almost any amount, and many times list them artificially low in order to encourage bidding. This is one of the major negatives of shopping for short sale homes.

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Answered on 8/29/12, 2:58 pm


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