If we are buying with cash and have signed the closing documents, can the banks actually back out after accepting our offer?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If we are buying with cash and have signed the closing documents, can the banks actually back out after accepting our offer?
We are attempting to purchase a home on a short sale. Our offer was accepted 4 months ago and the banks kept asking for more time we have always agreed. Closing date and time are set and less then 48 hours before the date and time the banks are arguing over who takes the loss and are attempting to cancel the closing. We are buying with cash and have signed the closing documents, can the banks actually back out after accepting our offer?
Asked on August 8, 2012 under Real Estate Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If the lenders on the property that you have purchased via a short sale have both signed a short sale addendum or some other document agreeing to the price paid of the home desired in addition to the seller, the seller and the banks have to go through with the sale regardless of issues on how the loss on the loans securing the property will be allocated. I suggest that you consult with a real estate attorney about the situation you are in.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.