Is sales agreement a legally binding contract?

Asked by Frustrated, Michigan Thu Apr 29, 2010

We've had an offer to purchase a short sale home in for 9 months. Finally got written approval from BoA 3 weeks ago. Were supposed to close this week. However, day of closing we learned that last week it went to sheriff sale and our understanding is that Fannie Mae bought it. Was BoA under legal obligation to sell it to us?

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gabriel palo…, Agent, Pompano Beach, FL
Thu Jun 3, 2010
What Is legal is in the contract. Read it .
0 votes
Pam Bava, Agent, Rochester, MI
Thu Apr 29, 2010
Hi Frustrated,

You might want to sit down with the broker and the agent and see what you you can do. There is alot of information missing in your question so it is hard to give you an answer, this is something you probably will need legal advise on. I'm surprised your agent wasn't informed better by the sellers agent on the status of things.

Pam Bava, Realtor
Real Living Kee Realty
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Apr 29, 2010
What is your agent advising and if you really want this property--consider consulting with an attorney who specializes in real estate, have all related documentation reviewed and check out all your options.
0 votes
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