Legal Question in Real Estate Law in California
Real Estate transaction
I recently purchased a bank owned property. The night before I closed on the house, a teenaged runaway ran a stolen car into the house. Despite the fact that the bank, their realtor, the escrow company and the title company had been notified of the accident and the damages, no one disclosed that information to me, and then they allowd the house to record into my name the following day
Long story short after 7 weeks of haggling with the bank I found out that the bank's insurance premiums were not paid, so their insurance company has refused to settle. The bank has also refused to settle alledging that the house did not belong to them at the time of the accident. The house was clearly theirs and is supported by the closing statements, etc. In the meantime, I've taken a out a loan to repair the damages myself, which so far has exceeded $30K. And that does not include my out of pocket expenses. I'm now financially strapped, and although I have a good case, I cannot afford most attorney's retainer fee. Any suggestions for a course of action?
1 Answer from Attorneys
Re: Real Estate transaction
It's possible that your purchase agreement contains an attorney's fees clause. Take a look. If so, that might entice an attorney in your area to help you out.
I agree that since the transaction had not yet closed, the bank is on the hook. In addition, if the bank had known of the accident before the closing, you might allege fraud, misrepresentation, etc. It's likely, though, that the timespan was so short that no one at the bank knew of the accident until after you had closed.
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