Home Buying in 46322>Question Details

Nick, Home Buyer in Highland, IN

Can the bank back out of contract?

Asked by Nick, Highland, IN Mon Jan 12, 2009

On a foreclosed home the bank agrees to a bid but then trys to back out of the contract do to unpaid taxes. In the contract it states the the bank is responable for all unpaid taxes. What can I do?

Help the community by answering this question:


As well as the contract the bank makes you sign addendums, review those as well. Also, like the other posts contact your real estate professional, have them talk to their broker and you can contact a real estate attorney. Some larger companies have attorneys their brokers can contact, but if you pursue the bank you will have to hire an attorney for yourself.

Good Luck!
0 votes Thank Flag Link Mon Jan 12, 2009
Nick ,

If you have a signed agreement this document serves as a guide for both the buyer and the seller and by agreement must be followed. As mentioned, it is important to review your document closely for verbage that provides escape clauses wording.

It may be best to have an attorney review this information for their input.
0 votes Thank Flag Link Mon Jan 12, 2009
Unless certain clauses are included then no they cannot back out of regular "gniar" real estate contract without certain penalties. I would consult with your Real Estate professional or if you really want to pursue a Real Estate Attorney. Good Luck, some banks think they can do whatever and say whatever they want, but be ready as I am sure they have more money than you. How far do you want to pursue it?
0 votes Thank Flag Link Mon Jan 12, 2009
Check your contracts over very carefully. All transactions/contracts involving real estate must be written. If you don't find any clauses giving the bank the right to back out, you could sue for specific performance. Contact a good real estate lawyer to discuss your options, alternatives and costs.
0 votes Thank Flag Link Mon Jan 12, 2009
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