Legal Question in Real Estate Law in Indiana

Hello,

There was a foreclosed/ bank owned home that had been listed in Indianapolis at $120,0000. My realitor and I came up with an offer of $126,000. The REO company that represents the bank came back and said they had multiple offers and they request our highest and best purchase price. We then resubmitted and offer for $160,250. Days later they came back and told us they had excepted another offer. The deal that the bank excepted is now closed and we just found out they excepted a cash offer of $149,000. My realitor contacted they REO company that represents the bank came back and said they took the cash deal because it was easier. They also said that the bank can except any offer it chooses.

Is this legal being that my offer was higher than the offer they excepted for the home?

Thanks!

Doug


Asked on 4/29/10, 3:09 pm

1 Answer from Attorneys
Jay Rigdon Rockhill Pinnick LLP

Yes. The bank can take any offer it chooses, and unless yours was rejected because of race, religion, ethnic background or any other illegal discrimination (which sounds highly unlikely), they have done nothing against the law.

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Answered on 5/05/10, 6:51 am


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