Los Angeles SHORT SALE

[sonia]

Los Angeles, CA. The short sale house was listed for $350k. Our offer for $370 was accepted on 4/2. The acceptance was signed by the owner. Then the agent said: we'll see if the bank agrees. Does our signed contract mean nothing? We just heard (5/7/08) that the bank wants to clear $400k which means that they want our offer to be about $429k. Is there no way to get them to honor our accepted offer? In the meantime we've taken out a line of credit (getting ready for the down payment) incurred interest charges

[melvs]

I guess what you have entered was merely an option contract. You can sue on that basis if wantonly refused to comply with the undertakings thereon.

[lex_advoc]

First Consideration:
1st view: Mere promise without consideration distinct from the price, the owner can revoke the same. There can be no way to make them honor the accepted offer.
2nd view: You can make then honor the accepted offer. There was a contract when your offer has been communicated to the offeror and was accepted. There was meeting of the minds already despite not having consideration distinct from the price nor payment of earnest money or an option contract was entered.
It is possible that breach was committed.

Second Consideration:
Possibly, because you have taken out a line of credit and have incurred interest charges for that reason, a possible civil action for damages can be pursued against the promissor. Better confer with a lawyer in your area to be guided more fully on this topic.

[manny_mandy]

Is there any earnest payment made?
I can agree with Lex' opine. Especially the 2nd view.
I may add, you can ask specific performance in that be the case. Consequently, you can also claim damages as a result of the breach.