Is there a time restraint on a bank holding an offer to purchase a home on the table?

Question

I put in an offer on a bank owned property on May 22, 2008. The bank took three weeks to accept the offer. It took another three weeks for them to set the closing date. In the meantime the property was vandalized and I have asked them for a credit towards the purchase price of the house. I have waited another two weeks and I still have not had a response from the bank. Since the property has been targeted as vacant more things are happening to this property and my once good investment is quickly deteriorating. They are holding my $1000 earnest money deposit. Is there any legal grounds that I can have an attorney speed up the process.

Answer 1

Sounds like you are not happy with the deal.  I think that the vandalism would be covered by the bank's insurance.  Ask them to file a claim, so you're not stuck with the damage.  It's good that you only put 1K towards the earnest.  Good luck with this transaction.

Answer 2

This is one of the cons of purchasing a home from a bank. Although, normally a buyer’s agent puts a response deadline on the initial offer. If the bank didn’t respond by that deadline, you had the right to get out of the purchase after that date. However, if you’ve now entered into a contract to buy the house, you’ve give up that right.

Did you buyer’s agent happen to make the purchase contingent on inspection? If so, you can still get out of buying the house. You can simply say you don’t like the results of the inspection and be done with it.

Answer 3

Please Call your Att.

Asap

you will be Credited!