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

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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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 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.


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