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

UPDATED: Sep 30, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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