How many times can a bank counter after accepting an offer?
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How many times can a bank counter after accepting an offer?
We made an offer on a short sales. The bank countered with a higher amount. We accepted their counter offer. Now the bank has countered again and is asking for more money. Is this legal?
Asked on October 26, 2012 under Real Estate Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This is absolutely illegal because in contract law this is how it goes. You made an offer, it was rejected. The bank made a counter offer and you accepted. Since you accepted the counter offer before the bank gave you notice of rejection, your offer stands. Explain to the bank and contact the regulator for this bank. Explain this is a timely issue and explain to the bank you have contacted its regulator. Force the bank to continue with your acceptance and explain that if it does not, it has committed consumer protection act violations.
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