If I tried to purchase a bank owned propertybut the deal feel through, how I can recover my costs?

UPDATED: Dec 23, 2011

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If I tried to purchase a bank owned propertybut the deal feel through, how I can recover my costs?

The bank/mortgage company is out of state. To make a long story short, they were never able to get their act together and missed several closes (we have signed documents). We drove over 3 hours, 3 times, to this fiasco. There is a clear breach of contract according to an attorney that we spoke to. Am I able to file a claim in small claims court in the county of the property even though the owner (bank) is not located there? I have costs to recover.

Asked on December 23, 2011 under Real Estate Law, North Carolina


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you incurred costs concerning the failed purchase of the bank owned property that you wanted to buy you have the follwing options:

1. consult with a real estate attorney about filing a specific performance action against the property's owner to compel the sale of the parcel to you;

2. if you no longer want the property but want to recover associated costs incurred in its failed purchase, you would be allowed to file in small claims court in the county where the property is located for an amount capped by this particular court.

I recommend that you first consult with an experienced real estate attorney before making a decision on how you want to proceed one way of the other.

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 AttorneyPages.com 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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