Legal Question in Real Estate Law in Texas
Bank Fraud/Real Estate
I had a piece of land in Contract as the seller. We were well past all of our time periods in the contract that the buyer could use to opt out except for appraisal. The bank notified me that the buyer was backing out due to the property not appraising. I received a letter from the buyer sent from the bank also stating that the property did not appraise. I released the earnest money, a sizeable amount. Several weeks later, I found out that there never was an appraisal done. Also, because I released the first buyer I had to sell at a much reduced price (six figures) because of a time constraint.(flipping the property and had to close my side by a certain date, could not close without a buyer). Do I have any recourse.
1 Answer from Attorneys
Re: Bank Fraud/Real Estate
Depending on wah the contract says and what the full facts are underlying the lack of an appriasal, you might have an action to recover the earnest money.
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