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

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.

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

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