Made an offer & accepted on a short sale 6/26/12. getting put off by the lienholder & on our 4th clsng date. how long can they?

Asked about 1 year ago - Everett, WA

time line is 6/26/12 made the offer for full asking price
6/28 offer accepted
11/10 first closing date 1/31/13
1/30 extension to closing 4/26
5/8 extension again to 6/7
5/21 extension again to 7/8
6/24 now being told they may want another extension for another 30 day. Reason given was, they may want another appraisal.
How long can they jerk us around? And we were told in a email that our offer would cover what the bank "needs" to approve the sale. What will a new appraisal do, and can they change the price on the home after all this time?

Attorney answers (2)

  1. Robert Daniel Kelly


    Contributor Level 20

    Answered . In normal contract negotiations, a contract is formed upon the acceptance of an offer. A conditional acceptance attempting to impose further terms to the contract comprises a counteroffer, which is actually a rejection.

    [In accordance with the Avvo community guidelines, this communication does not constitute "legal advice", nor does... more
  2. Ryan Anton Jacobsen


    Contributor Level 11

    Answered . If there was a valid acceptance of the original contract for the full asking price, then you may be able to use the terms of the purchase and sale agreement (if you have one) to expedite the closing. If there was only an acceptance of the price terms, then the other terms are still subject to the "gap-filler" contract provisions.

    I hope this helps answer your questions.

    This posting is for informational purposes only. It is not legal advice and does not establish an attorney-client... more

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