Buying problems

[technolize]

I am currently trying to buy a home as a first time buyer. Here is the situation:

I put an offer on a house (a foreclosed one) and was accepted as the highest bidder. The seller picked the place of escrow and within 24 hours I gave them a 3% deposit (which is stated in the addendum) and all the papers necessary that they required. The next day I find out there was another person who had outbidded me and in cash only too. Here's where it gets diluted. There is a renter in the house who will be forced to leave latest on the 15th. The addendum says I must secure the loan by the 17th. My bank, where I'm taking the loan, needs an appraisal in order to give me the loan. I asked my loan person if it was possible to appraise on the 15th and have the loan ready by the 17th but he said that wasn't possible. The seller, once receiving the higher bid, tells us we must not disturb the current renters. If we cannot "disturb" them, then we cannot get the appraisal done in the time frame, which would not get use a loan, which would disqualify us because of the contract. To add to this mess of a situation, escrow, the one they picked, has contacted us saying "yea, we got all we need from you but the seller has not signed their end of the papers yet".

Are there any rights I should know of as a buyer? Is there any legal action I can take against the seller?

Thanks.

 

[dee_dub]

I put an offer on a house (a foreclosed one) and was accepted as the highest bidder

Accepted how? Is there a purchase and sale agreement signed by both you and the seller?

If not, you are probably SOL.

If there IS an agreement, then they might be in breach of it by not affording you reasonable access to have the appraisal performed so you can fulfill your conditions of obtaining financing. Fighting about that be more trouble than it is worth, though - you can write him a letter demanding reasonable access as contemplated by the contract, and sue in court for specific performance if he continues to disallow access and try to sell to someone else, but that is likely to get very costly very quickly.

 

[arak]

hi
the real estate law different internationally so it should be better to see local real estate consultants because real estate consultants have some experience about legal advisory related to the real estate