Legal Question in Real Estate Law in Iowa

can a bank reject 3 valid offers on a foreclosed property and demand that those parties submit a higher offer in the state of iowa?


Asked on 8/25/09, 9:13 pm

2 Answers from Attorneys
Robert Luedeman solo practitioner

If the bank has taken title to the property and they're the owner, they can take or reject any offer they care to, because it's theirs and they own it.

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Answered on 8/25/09, 11:41 pm
Thomas Moens Moens Law Offices, Chartered

I am not sure what you mean by "valid." Is it a full price unconditional cash offer for property listed in an MLS? If so, I am not sure how they could reject it. However, if it is not for full price, if it was not advertised for sale, or if it is contingent on financing, or inspections, or an appraisal, or anything else, it is their property, and they can certainly reject any offer.

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Answered on 8/26/09, 11:33 am


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