Profile picture for StacySharpston

can a seller reject an offer of the asking price?

I put in an offer of the asking price on a foreclosed home in Russellville, Al. They came back and rejected all the offers and want to do a $14000 price increase. This doesn't seem legal. I really love the house but not sure i can afford the price increase.
  • August 27 2013 - Russellville
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Answers (10)

Profile picture for tamiroberts
Seems like this is a marketing strategy of a few banks...to list the property low, get offers and then have bidding wars or raise the price... Most buyers do not like these tactics and will not play the game. Good luck to you, I am sure you will find the perfectt home at a great price. 
  • April 27
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bummer!  Happens all the time.  Stick with your guns and financial comfort zone.  They may come back to you later.
  • August 28 2013
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Profile picture for meatha haynes
They can reject an offer even if it is above list.  They may accept the cheapest offer if it is "the cleanest"
  • August 28 2013
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The bank can change their price on a Home that they have on the market. When an offer is submitted and before they except the Offer, they can increase the asking price because there is not at the time a binding contract on the property, I understand your concern, the price was not increase while you had a binding contract, a contract is only binding when both parties have agreed on the terms of the contract and have sign the contract. if this is the home you wish to purchase and do not want to go to far over your budget, keep a watch on the property, perhaps the bank may decide to except a lower offer.
  • August 28 2013
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Profile picture for Sally English
Stick with your financial limits.  Stretching yourself too thin - financially- can lead to some disasterous scenarios. You have established you comfort zone and you will find a home that meets these criteria if you stick with your plan.

Keep looking after yourself!   
  • August 28 2013
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  Multiple offers can be uncomfortable and frustrating.  The bank can raise the price at any time just as a seller can.   
  • August 27 2013
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yes if there is multiple offer than they can go bid war mean you have to go for highest and best ,,as well cash with proof of funds  or no contingecy offer may approve you above others,best of luck
  • August 27 2013
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Profile picture for wetdawgs
Yes, they can reject all offers even at or above asking price.   Cash with no contingencies is best.

You are wise to have a firm sense of your limits, don't let emotions alone make your decision.
  • August 27 2013
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A home listing is an advertisement not a contract.  The seller can change the terms of the listing anytime prior to contract.  It may seem fair but it is legal.
  • August 27 2013
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It's all perfectly legal. My guess is one or more of the offers came in above their asking price. This is not unusual with bank owned homes. If you can't afford it, move onto another house. Chances are the other buyers may bid above the 14k increase - which puts you even further out.
  • August 27 2013
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