Legal Question in Real Estate Law in Georgia
purchase offer
On a bank foreclosure home for sale, if the home was listed in MLS at a certain price, and you agree to pay the asking price, with no additional stipulations, can they decide to not honor the asking price if they have had several other offers on the home, but no others at the listing price, instead asking all those who originaqly submitted offers if they would like to increase their offers?
2 Answers from Attorneys
Re: purchase offer
If they are multiple offers they are free to choose the one they like best. They are not obligated to chose any one offer.
Re: purchase offer
There mere fact that you made an offer, at any price, does not mean there is a binding contract. This is one of many basics that should be understood before getting in the process.
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