What are my remedy options if Fannie Mae backed out of a sale?
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What are my remedy options if Fannie Mae backed out of a sale?
I signed a contract with Fannie Mae to purchase a property. They accepted the offer and also signed the contract. We were supposed to close last week but they pushed it off. Today I get an email that the sale is not going through because the servicer is repurchasing. Besides the fact I lost a good deal, I suffered monetary damages; I sold securities at a loss to have the cash to purchase the property and purchased some supplies for the house. They never even gave written notice of the extension to begin with as they promised in the contract.
Asked on November 1, 2011 under Real Estate Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you have a written contract to purchase real property owned by Fannie Mae where all contingencies have been waived by the parties and the seller (Fannie Mae) now desires to not close the sale, you need to contact a real estate attorney about the situation.
If you have an enforceable contract with the owner of the property, Fannie Mae, you could file a lawsuit against it for specific performance to enforce the sale of the property. You would also have to record and file a lis pendens as well to prevent the seller from selling the property from someone else.
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