real estate


Question by  mallstar (2)

I made an offer on a repossessed house. The offer was accepted and then I was told a higher offer had been accepted. Can I know the other offer?

I have a letter from the agents stating that the sale has been agreed, and it doesn't say "subject to higher offer".


Answer by  patti (29325)

The deed of sale will be recorded and the sale price made public. Therefore, most agents will tell you the price. Bidding was probably allowed within a specific window; a higher bid came in after yours, but then bidding was closed, so there was no "higher offer" option.


Answer by  tracker76 (135)

If you have an offer and an acceptance, in most states that constitutes a contract that the seller cannot back out of. If you signed a contract, and it is the kind of contract that is valid in your state, then the seller cannot really refuse to sell the house to you and you could sue for the difference.


Answer by  Devin98 (487)

Unfortunately, unless you have a signed contract from the mortgage company then you did not have a legally binding contract. Mortgage companies dealing with repossessions are prone this typy of action on a regular basis.

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