I had the winning bid at a real estate auction inCA. I have been jerked around for 4 months trying to close. After finally getting loan approval, I

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I had the winning bid at a real estate auction inCA. I have been jerked around for 4 months trying to close. After finally getting loan approval, I

signed docs, wired funds and waited to finalize and get keys. That was 3 weeks ago. The Auction company, REDC, has chosen to switch title cos.which has tied up the whole transaction and now they don’t answer calls etc. Now the lender threatens to scrap the whole thing! What can I do? don’t they have a fiduciary responsibility to me?

Asked on May 13, 2009 under Real Estate Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

There are a few people who have a fiduciary responsibility to you.  So, you got a loan and nothing to show for it? Has anyone returned calls or told you what is wrong? Have you pulled docs from the registry of deeds to determine if there is a cloud on title? Have you hired a title company? Why did you wait 4 months?

Immediately do the following:

1. Call the California Dept of Real Estate, the California Department of Financial Institutions and the California Attorney General's office.

2. Simultaneously, call a real estate attorney.  Try www.attorneypages.com and then double check his or her disciplinary record at www.calbar.ca.gov under attorney search.


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