Closing day owner stating that he owes bank money and bank now owns the house. He said bank refuse to sell house. how do I get my money back?

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Closing day owner stating that he owes bank money and bank now owns the house. He said bank refuse to sell house. how do I get my money back?

hi sir, I recently signed a contract to buy a house. I paid all the fees to have the house inspected and lawer fee to finalize all documentations for the closing of the purchase. I visited the house many times, and arranged for all the banking notes.. ect But on the closing day, owner refused to sell the house stating that he owes bank money and bank now owns it. And the bank now is holding the house not selling it. How do I get my money back?

Asked on June 30, 2009 under Real Estate Law, Illinois

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you hired a lawyer to handle this purchase for you, your lawyer needs to be the one to get your money back.  It might involve suing the seller, if the facts justify it.

A lot will depend on what the seller knew and when he knew it.  I'm not an Illinois lawyer, and the rules do differ somewhat from one state to another.  But in a lot of places, this might well be dealt with as fraud against you.


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