Re: Short Sale/ Property owned by bank

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

You never advised whether or not there was a contract signed by and between the parties. Until there is a formal contract signed, any discussions are only that. Real estate transactions are governed by the terms of a written contract. Any oral agreement for the purchase or sale of real estate is not binding pursuant to the Statute of Frauds.

It sounds like the property in question is part of the Seller's REO (Real Estate Owned) which may have been acquired as a result of a foreclosure. Banks often place a property on the market and then see what offers might be received. They are not obligated to sell a property unless and until they sign a contract.

Appraisals are not generally obtained before a property is listed on the market. If you still feel you have been wronged, then you need to consult a qualified real estate attorney.

Scott R. Jay, Esq.

Re: Short Sale/ Property owned by bank

The answer depends upon the contract.