We put a bid on a house, the bank finally accepted, then we put money donw on it to hold it. there was a date set when the other bank wanted to close by, or there would be a penalty everyday after that. That same bank broke that date because of the title company they hired, after that they finally hired a surveyor last week that quoted 2 weeks to be done, Now that bank says they are taking the house off the market and arent going to sell it. Do we have a law suit or atleast an argument against them?
2006-07-25 10:16:19 · 5 answers · asked by sherry b 1 in Business & Finance ➔ Renting & Real Estate
Your question is not at all clear. Was the bank the seller of the property? If so and even if not, it all depends what was in the contract. Did the bank actually accept your offer and ratify the contract? If it did then normally they will go through with it. However, if you are buying from a bank they may have clauses in the contract that allow them to pull it and return your deposit without any liability to them. This is how most banks sell property. But there is no way to tell without seeing your contract. You need to get a good real estate attorney to advise you based upon your circumstances and the agreement between the parties. If you have not breached your end a friendly letter to the seller telling them you want to go through with transaction may be the appropriate course of action. If not successful then seek legal action.
Good Luck
2006-07-25 10:24:16 · answer #1 · answered by teenriodoll 3 · 0⤊ 0⤋
Did they accept your bid? It could be breech of contract then. I would watch and see if the house get put on the market again, or if it sold to another person. If it did sell and you find out they clipped you because the new owner offered more then I would deffinately sue them for breech.
2006-07-25 10:22:56 · answer #2 · answered by nooodle_ninja 4 · 0⤊ 0⤋
if you got your money back then no. if you didn't then yes. the sale was not completly finalized so that still have the right to pull it whenever they wish. keep in mind it's their property and if it means losing the sale to you then so be it. were you already moving and the papers were signed then you would have a lawsuit. now you just have an argument.
2006-07-25 10:20:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
breach of contract, plain and simple
get an attorney (the bank will have a good one), list all damages you can think of(be generous in your numbers), and sue
2006-07-25 10:25:56 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
i beleive that is breach of contracrt. contact a real estate attorney,in your state. or a free legal affice in your state.
2006-07-25 10:20:32 · answer #5 · answered by mgllpz 3 · 0⤊ 0⤋