Legal Question in Real Estate Law in Massachusetts

My son is buying a short sale property. He has an accepted offer from the company handling it. The mortgage holder has now come back with an offer 23k more. Is this legal? He's already paid for septic inspection. The bank came back with their increase after the FHA appraisal was done.

It seems to me that if the bank hires a third party to represent them, then any offers they accept would be binding.

Thanks,

Karl Koza


Asked on 1/18/12, 2:43 pm

1 Answer from Attorneys
Christopher Vaughn-Martel Charles River Law Partners, LLC

I know that dealing with the banks in a short sale situation is a more or less 'take-it-or-leave-it' proposition. What you are describing certainly sounds strange, but it is possible that you agreed to such a modification based on the FHA appraisal without even knowing it. That being said, do you have real estate counsel to make sure you are protected? If you would like me to refer to you to someone, please feel free to contact our office at 617-357-4898.

Read more
Answered on 1/19/12, 6:21 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Massachusetts