Niagara Falls, NY asked in Real Estate Law and Foreclosure for New York

Q: forclosure is listed for sale as accepting 203k loans only, can they then reject an offer stating cash only?

We looked at a forclosure and decided to put in am offer. Per the listing, they were accepting 203k loans. We fo through the trouble and obtain the preapproval, the selling lender then sits on our offer for days. Finally coming back and stating they'll only be accepting cash offers. Is this legal? Once we told the selling lender we would not be purchasing with cash, they badgers us continually - trying to come up with ways we could still purchase the home. For instance, the selling lender offered to rehab the house for us if we would purchase at a much higher price when completed. We declined. They then asked if they could find an investor to pay cash, would we then turn around and purchase the home from said investor using our 203k loan. the list goes on. It is a very strange situation

We're just wondering if we have any legal recourse to make the lender accept the 203k offer, because initially that's all they were accepting. It wasn't until after our offer they decided cash only

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1 Lawyer Answer
Michael David Siegel
Michael David Siegel
Answered
  • Foreclosure Defense Lawyer
  • New York, NY
  • Licensed in New York

A: You have no recourse. There is no agreement to buy land unless there is a contract and you have none.

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