Legal Question in Real Estate Law in Illinois

I made a cash offer on a Short Sale in April. Bank of America (BofA) held the account.

Per Seller's Atty in May

16th:The file was in the process of being reviewed by BofA

22nd: BofA contact person says she doesn't see any notes on the account regarding the short sale & attorney should call back in a few days

31st: Account was service released to Carrington Mortgage

Apparently, the Seller wasn't checking his mail & wasn't aware of this. Since then, I have waited for Seller to re-submit required documents to Carrington. Status, as of today: "file is with the underwriter for final approval & a decision by mid August is possible.

My Realtor says it would cost more to sue then what I'm paying for the house.

All I want is for Carrington to accept my offer (as accepted by BofA).

Asked on 8/01/13, 3:37 pm

1 Answer from Attorneys

0 users found helpful
0 attorneys agreed

Unless your contract provides you with specific rights if the short sale is not approved at all or by a date certain, you have no leverage. Have an attorney review the contract; this correspondence may be helpful but is not determinative of your rights.

Read more
Answered on 8/02/13, 8:34 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now