Legal Question in Real Estate Law in California

Re: real estate

Whey would they not sell because of a cloud on title? Interesting. Yes you can have me put some pressure on them to get them to sell, first by writing a simple letter.

Best,

Daniel Bakondi, Esq.

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Re: real estate

I don't necessarily agree with Attorney Bakondi. You need to review the purchase contract you signed with them, and review the contingencies that the bank has for cancellation of escrow. My guess is that the foreclosure was defective in some manner, and that the bank has an issue with passing clear title. Depending upon the nature of the problem with title, it may be curable, or it may not (if the foreclosure was reversed by a court, etc...). You need to get more information from the bank about why they are cancelling, and review your contract with the bank. The contracts I have reviewed for the purchase of REO property generally contain an absolute out for bank when it comes to defects with the foreclosure sale. An attorney letter won't necessarily change that. Hire a competent real estate attorney to review the contract and give you an opinion as to whether the bank has breached the contract, or simply exercised its legal right to back out. In the case of the former, you may have the right to force them to sell you the property. In the later case, you may have no right but to get your earnest money deposit back. That being said, if the issue is solely one of time - the bank needing more time to clear title - then be flexible and maybe you can work something out with them. Good luck, and email or call me if you want to have the contract reviewed.

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