Bank had excepted offer for house trying to purchase, but now several days later says they will no longer take our offer????

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Bank had excepted offer for house trying to purchase, but now several days later says they will no longer take our offer????

Made offer on bank owned home. Bank accepted
offer and we set the closing date, etc for
deal. Now bank has cancelled our offer and
sold the house to someone else who put in a
slightly higher offer after they accepted
ours. Is this legal?? Or just unethical?

Asked on February 16, 2017 under Real Estate Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If you actually had a written contract of sale with the bank, it is illegal: a contract is binding and enforceable. If there was such a contract and the sale has not gone through yet, you can sue for a court order blocking the sale and forcing the bank to sell to you (retain an attorney to help you; suing for a court order, especially on an "emergent" or urget basis (since you need it fast, before the sale occurs) is procedurally complex). If the sale has already occurred, you can sue for monetary compensation such as the difference in price between what you were going to buy this house for and what it would cost to get a comparable house in that area other than through a bank sale.


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