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Seller cancelled the escrow

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crs

Junior Member
Hello,

I am from CA state. I make an offer on the foreclosed house. This is little complicated case.

The house is owned by Bank and the land is owned by somebody else. While making an offer, the bank (or the seller's agent ) told us that they will give me clear title. (i.e. they will purchase land and give me land + improvement)

Now after 2-3 months of waiting (many ETAs to close an escrow) the bank/seller finally wanted to cancel the escrow and return my deposit. {Sounds like Bank could not close the escrow with land owner, the land owner might be asking for the higher price}

Now, I really wanted to get the house. So if I go for mediation arbitration, would it be possible to get the house or get the damages. (lost another opportunity, interest rate spike, money spent on inspection and etc)

Is this a fair case to hire an attorney or I just simply get my deposit back and forget about my expenses)

ThanksWhat is the name of your state (only U.S. law)?
 
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crs

Junior Member
No, they did not tell me. Seller just sent me "mutual cancellation" letter.

The escrow company is handling both transactions, but they did not give us enough details. (i.e. whether they were not able to close the escrow with the land owner or they found another buyer with higher price)
 

Zigner

Senior Member, Non-Attorney
The house is owned by Bank and the land is owned by somebody else. While making an offer, the bank (or the seller's agent ) told us that they will give me clear title. (i.e. they will purchase land and give me land + improvement)
"told you" how?
 

crs

Junior Member
Ohh sorry,

In the contract, we mentioned the following point and Seller signed this.

e.g in contract point 11 D

11 D: Other terms: seller to provide clear title of Land + Improvement to buyer with NO land lease attached to the property.

Thanks
 

justalayman

Senior Member
Ohh sorry,

In the contract, we mentioned the following point and Seller signed this.

e.g in contract point 11 D

11 D: Other terms: seller to provide clear title of Land + Improvement to buyer with NO land lease attached to the property.

Thanks
then get a lawyer and look at an action to demand specific performance. You don't have any damages if they return your money and you didn't pay for anything else yet.
 

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