What happen to a foreclosured house after an agreement was made / found out the land was on 2 different lots?
We had an agreement when we put a downpayment on the property. Just before the closing date the bank only had one of the two deeds which our lawyer found out. This happen in August 08 and we did everything we had to before we closed the house inspected. We inspected the septic tank and we were buying things for the house that was disclosed in the inspection . Due to it was a foreclosed property it was sold as is . Now we lost everything because of the two deeds required for the sale of the house to go though. Is there any way we can get our money back for the inspection. The bank was sitting on the property for more than three extensions. Is this lawful? Please get back to me.
Unfortunately, you cannot get your inspection costs back. This is why these foreclosed properties are somewhat a gamble. There are often title issues, etc which are not found out until an attorney researches the property for a buyer to close on it. Did you have a buyer's agent working for you?
Most of the time the bank needs extensions. They make the buyer be ready to close and then wait and wait until they are. There are many things they need to get into place before they can close.
When the Attorney did the title search didn't it show that there were two separate lots and wasn't this brought to your attention? You did not have to close until the title was clear. Somebody droped the ball. Unless you can prove the bank was at fault I do not see where you have any recourse.
Contact your attorney to find out what happen. If you didn't have an attorney - shame on you.
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