Legal Question in Consumer Law in Michigan

Purchasing a Bank-owned Home

The banks are playing a game in an effort to get the most they can for their foreclosed homes. They list the home for a ''lower than they will accept'' price, in order to get a lot of traffic through the house, and multiple offers, sometimes with a second round of bidding. We have unsuccessfully attempted to buy 3 bank-owned homes, always offering the asking price or more. This last offer we placed equalled the asking price (the house is in very rough shape; the asking price seemed appropriate). Instead of accepting our offer (their stated price), the bank lowered the price of the home (to a price that is $7k lower than our offer), to get more people to come through the house and to get more offers. Is this legal? Can they NOT sell us the house when we are, at the time, the only one making an offer ... and we met their price? This feels like discrimination. We'd like to know the law. Thank you.


Asked on 7/09/09, 5:04 pm

1 Answer from Attorneys
Renee Walsh LawRefs Nonprofit

Re: Purchasing a Bank-owned Home

Wow, this is really a novel interesting issue. Answering it will take some research and time. I will try to write an article on this in the near future. If you email me, I will notify you when it is posted at www.lawrefs.com.

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Answered on 7/10/09, 4:28 pm


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