Home Buying in Detroit>Question Details

Mike, Home Buyer in Detroit, MI

can i take legal action against a bank for taking to long to accept my offer?

Asked by Mike, Detroit, MI Fri Feb 13, 2009

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8
No seller does not even have forward back a response. I have had a bank contact me 6 months later accept an offer needless state my buyer moved on.

Confer with an attorney if you have additional concerns.

We notify our clients if we dont receive a response within 7 days best move on .
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1 vote Thank Flag Link Fri Feb 13, 2009
We are not Lawyers just Real Estate Brokers . sorry Real Estate Agents can not answer that question
0 votes Thank Flag Link Sat Feb 14, 2009
Maybe we should contact the shareholders and inform them that the management of the company is waiting for the property to depreciate further before the accept an offer. Maybe we could become preferred stockholders and sue. another option present the offer at the board meeting.

I think you might be on to something here! I like your out of the box thinking.
0 votes Thank Flag Link Sat Feb 14, 2009
Mike,

You are not alone with this conern however only an attorney would be able to advise you on thaking legal action.

Good luck
0 votes Thank Flag Link Fri Feb 13, 2009
It would certainly be wonderful if you could, but, as the others have said, you can't. Your options are to move on or wait.
0 votes Thank Flag Link Fri Feb 13, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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no that is my answer, just adding words to trulia will accept more than one word.
0 votes Thank Flag Link Fri Feb 13, 2009
I have known it to take as long as 14-15 mos.
0 votes Thank Flag Link Fri Feb 13, 2009
Mike,
I am not an Attorney by any means. I am a licensed Associate Broker. I would need more information such as did you make an offer on a Bank Foreclosure? Is the property HUD owned? Is the property Private-owned/seller (not a bank)? Are you working with a Realtor who represents your interest such as a Buyer's Agent? Was the property private-owned/Seller but the Seller is trying to get a "Short Sale" (where the lender takes less money than what is actually owed on the current mortgage(s))
More details would be helpful. Did you put a response by date on the Purchase Agreement?

In the instance of a "Short Sale" the process of an accepted offer can take as little as 2 weeks and at most 3-4 months to be approved. If you are represented by a Realtor pease discuss the process with them.

In the instance of a Foreclosure it could take as little as 24 hours and at most 2 weeks, depending on the Seller/Lender.

Suggest contacting legal services/Attorney to find out if you have any recourse.
0 votes Thank Flag Link Fri Feb 13, 2009
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