Trying to buy a house, accepted seller's offer, now they are asking for more money. Is this ethical or legal?
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M$3 Answers
Some of the best deals you will ever make are the one you miss.
Tell them no, you are ready to close, either close it or refund your money.
If you are dealing with a reputable title company the $2000 will be refunded.
As to the inspection; you will not be able to get a mortgage from a "real" mortgage company without a current inspection, a current appraisal, and a current survey. If they are not offering or asking for these. Run, don't walk to the nearest exit.
In the '80's crisis there were many unscrupulous people "selling" houses that the banks had repoed without the banks knowledge or permission. When the bank finds out, you are kicked out and whatever you have spent is just lost.
This is already happening in the Dallas Fort Worth area in 2008. I am not saying this is happening to you, It could be that they are legitiimate and really do have a higher offer. That happens all the time in boom times but it would be surprising in this market.
Since neither of you have signed a sales contract, neither of you have any real claim on the other. I would ask for my $2000 check back and look for another agent.
That is another issue. I don't think a legitimate real estate agent would take a deposit checkuntil you signed a sales contract. Are you sure "niether of you has signed anything?"
Banker for 29 years. Worked for RTC/FDIC in the '80, 90's S&L cleanup.
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M$Do you want to buy a house from someone like that? Who knows what they haven't told you if they have marginal values like this.
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M$
@drmatt I don't know if it is the bank, per se, or the listing agent that is calling the shots on their side. One sketchy thing about this whole deal (according to my RE agent) is that they only communicate via email and don't seem to be available by phone.
I just realized I should add it is a bank owned foreclosure. So who "they" are is a little nebulous.
Then... I'm confused. The bank is asking for more money?
Good point. Sounds like this house might need a thorough inspection.
My advice is to respond by saying "I am not sure I like the way this is going. I think it may be better if we call the whole thing off" and see how you responded. The fact that you accepted so quickly may make them feel that you are willing to pay more or that you really want the house.
Once you show them that you can take it or leave it, they will typically come around. Of course, you do risk losing the house--but it doesn't sound like it is that big of a loss considering how they are wanting to play it.
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M$
Here I thought I was good at asking complete questions.
I initially gave them a check for $1,000 in earnest money. They asked for $2k, which I I ask gave them. They haven't cashed the check, but I have paid earnest money.
There are SO many things going on with a house sale. You can't remember everything. Just remember... you're doing your best!
