Roanoke, VA asked in Contracts for Virginia

Q: In negotiations on a Bank held property. There have been a couple counter offers back and forth. We made the last offer

at 196,000 and the bank countered today at 207,000 which we sent back a counter of 200,000. They just sent back a response of we now have multiple offers..send your best offer. This property has been sitting on the market for a good while (I doubt there are other offers but) can we ;still accept the offer from the bank from earlier today at 207,000 since it's still the same day even though we sent back the 200,000 counter earlier today. Would the bank have to honor that since we came back in the same day and accepted their earlier offer.

Related Topics:
1 Lawyer Answer
Shafeek Seddiq
Shafeek Seddiq
  • Licensed in Virginia

A: Read the offer to learn the time period of the validity of the offer and make the counter or another offer before it expires.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.