QUESTION

seller backing out

Asked on May 21st, 2014 on Breach of Contract - Florida
More details to this question:
hello, we put a bid on a bankruptcy house in Avon Park Florida in march of this year. the bid was accepted. ten percent was put down. then the title search has a mistake of saying it was block I instead of block 1. so the title company amended it. then the bank that owned it said they had to redo the bankruptcy all over again. we have extended the contract twice. now our Realtor says they might take it off the market all together. our Realtor is in the same office as the lister. we will be devastated! we are from minnesota. we were told that we would close soon so many times that we stayed in florida for another month in a half. we purchased furniture and have it in storage in florida. it cost us alot of money to stay longer and the cost of furniture and storage. finally we talked to the realtor and they told us we could close on the house via sending us the papers so we left. then when we got home we sold out camper so we could have money to fix the house up. it is a house that needs alot of work, but we r willing to do it. so can they back out of the deal? we never hear from our realtor but when we call she always says oh i jut heard something today. please help...thanks , jill oneil
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1 ANSWER

Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
2 Awards
Not sure what you mean by a "bankruptcy house" as your description seems inconsistent with a Trustee sale/purchase. If you mean you are buying a forclosure house from a bank and the owner is in bankruptcy, you should have been well aware that you were making a high risk complicated purchase hoping to get a great deal, thats the trade off. Can the bank back out? No way to tell without reviewing the sale agreement and the contingencies.This is why people should have real estate lawyers handle these transactions not real estate sales people or brokers. If you have questions, you can always call us at 1-800-922-6442 for a FREE consultation.
Answered on May 21st, 2014 at 3:14 PM

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