This was a REO and house was sold from Bank A to Bank B.
2007-12-12 15:45:13 · 8 answers · asked by Robert J 1 in Business & Finance ➔ Renting & Real Estate
Does Bank B intend to honor the contract? If so, go to closing. If not, get a lawyer.
2007-12-12 16:14:22 · answer #1 · answered by Sharingan 6 · 0⤊ 0⤋
the bank must have accepted a different offer. on a reo it is different from a normal p&s which i guess you dont have signed by both sides? right? where is the attorney that you are paying for to close the loan and give you your title ins.(owners policy)binder? you are not relying on their people are you? if so you got cut out for being not familiar with the process on the reo side and maybe the bank holding the property got more with the other party, maybe they even will hold that new loan, do some research and you may find the answers you dont have. but for the bank a to sell a house to bank b does not make good sense, unless there is more to it, like they sold it to bank b's customer, in reality. go to the town hall and check the recent transaction, (these are all recorded, give the clerk the adress and you wil see the note on the new loan, to whom from whom, etc...) to get the full story. but there is more to this...
2007-12-12 16:08:38 · answer #2 · answered by Joseph K 2 · 0⤊ 0⤋
This is not the entire story so the whole picture is not apparent. Too many times when the general public does not understand the process the property gets taken from them. Go back to your contract and read every clause in it. People in the field of real estate know clauses both forward and backward and that is how they can back out of a deal or switch when you least expect it. Banks make more money when they farm out the loans then they do keeping it in house.
Your legal options are to make sure you have all correspondence pertaining to the transaction documented. Every name,date,time,place,phone call,letter,email, verbal conversations must be documented. If this goes to court (obviously) you will need the documentation to verify and prove your side of the case. Believe me when I say that the bank has an attorney in the wings to take this all the way. The judge will determine who is telling the truth and that the deal was legitimate and some phony transaction to begin with.
2007-12-12 16:33:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The house title was held in escrow because someone didn't complete a contract. you? Now you come to complete the contract of sale and it is too late. What is the reason that the people with the money on the table should wait for you... the contract was over days ago.
2007-12-12 16:14:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you did not state that you have a legally binding purchase contract
on the house; do you?
the loan can be sold to anyone at
any time by your bank.
but that has nothing to do with
your being able to close on the house.
CHECK with your buyer's agent.
He -she will check with your
broker and if needed, initiate a lawsuit
to stop the sale.
INjunctions make guilty people sweat.
so, be prepared to hire an atty
to injunct the sale--or to sue
the bank for fraud.
2007-12-12 16:52:26 · answer #5 · answered by kemperk 7 · 0⤊ 0⤋
You definitely need an attorney to draw up the agreement. I'm not sure you can dictate how the owner spends the rent money. It might be as simple as your rent checks are payable to the owner and the mortgagee. However that could trigger another problem; most mortgages contain a provision wherein the mortgagor affirms they are occupying the property as their personal residence and if that provision is violated the mortgagee can call the loan due. You may get advise here, but you need legal counsel to protect you as much as possible. realtor.sailor
2016-05-23 08:04:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My guess is that you will notice that the first REO bank didn't sign YOUR offer to purchase, but substituted it with their own, which may have given them the right to do what they did. It's rare to see a bank actually accept a buyer offer to purchase on the buyer's written paper. They simply acknowledge and agree to accept on THEIR written form.
2007-12-12 15:48:51 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
you need a local real estate attorney
off hand, sounds like a lawsuit against Bank A for failure to perform according to contract [real estate], and you'll have very difficult time proving the amount of damages.
GL
2007-12-12 15:49:58 · answer #8 · answered by Spock (rhp) 7 · 0⤊ 0⤋