QUESTION
Bank not honoring the contract to sell me a foreclusre property
Asked on Dec 14th, 2013 on Residential Real Estate - Florida
More details to this question:
I recently went into contract to purchase a foreclosure condo from a bank. We signed the contract, I paid for the inspections and all of the HOA application fees. We were all set to close on the property.... then I find out from the title company that the bank does not own the property. It has to be reforeclose upon as their was some sort f deed wording issue that happened the first time.... my question is real simple.. the bank went into contract with me on a property they did not own. do I have any legal recourse to have the bank pay me for the home inspection I had completed on this property - and also the HOA fees I paid. Plus any penalties for them breaking the contract.
1 ANSWER
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Well, I’d have to see the contract to be sure I’m not missing something, but breaking down your fact scenario to its most basic form – an entity tried to sell you a home it did not own. That’s not allowed. So, from what you’re saying, I’d say yes you should at least be entitled to what was spent. Now, contracts do not allow for punitive damages, but you could have other damages. However, I need to note, that it is possible that the contract has some language limiting potential damages. I would get into an attorney’s office with that contract sooner rather than later. The details need to be discussed in a confidential environment and that contract needs reviewed by an attorney. Then, you’ll know your legal options and can proceed accordingly.
Answered on Dec 16th, 2013 at 10:33 AM