Legal Question in Real Estate Law in Iowa

Party offers to pay asking price for home Realtor not accepting the bid which is at the asking price. Bank holding the loan tells them it is up to the "realtor". Do they have any recourse to purchase the home ? Understand it is a Fannie Mae property.


Asked on 3/21/10, 10:53 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

It is hard to tell from you question, but it appears that maybe this is foreclosed property now owned by Fannie Mae. Accepting an offer to purchase is not up to the real estate agent, it is up to the seller. A real estate agent is obligated to present all offers to the seller. You might want to contact the real estate agent's broker or the local real estate board.

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Answered on 3/26/10, 11:51 am


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