Does a FHA amendatory clause act as a counter offer to the real estate purchase agreement?

This is a bank owned home and they don’t want to sell it for the agreed upon price as they have now have higher offers pending. They want out any way they can

I submitted an offer for a house with a standard PA. My agent said I would be going with conventional financing in the offer (offer accepted). The seller then had me sign a counter proposal to the agreement. Both the seller and I signed it the counter. After that I decided to go with an FHA loan as it seemed like the best option. In their counter it never said I couldn’t go FHA. I submitted a FHA Amendatory clause to the seller. The seller denied it and called it a counteroffer and said “counteroffer is hereby rejected, and thus there is no agreement”. I am still able to close on the stated closing date with the original conventional loan… and don’t have to go FHA. Do they have to accept it or does the FHA Amendatory clause stand as the final purchase agreement.

2 Answers

Relevance
  • 1 decade ago
    Best Answer

    According to YOUR statement, the agreement was for a CONVENTIONAL loan. An FHA loan is NOT a conventional loan. Therefore the agreement DID state you would not use an FHA loan. The very TERM "FHA amendatory clause" states that this is CHANGING the agreement. They are not bound to accept changes. That said, you should still be able to enforce the original agreement, provided it has not expired. The FHA amendment CAN'T be a final agreement, because it was never agreed to.

  • 3 years ago

    the two you and the broker signed the counterproposal on your grant. it fairly is the final contract. The dealers are under NO felony duty to comply with any substitute to the unique contract. you may ASK for amendments, however the broker has the liberty to reject your request.

Still have questions? Get your answers by asking now.