I had an executed Purchase Agreement and Chase Bank Addendum to purchase a foreclosed property in Indiana from Chase. My financing was approved pending the repairs that Chase had agreed to make. Days before the contract end date Chase sold the property Servicing Released to Select Portfolio Servicing. Select Portfolio Servicing stated they are not bound by any previous contracts therefore the deal fell through. I am out money for inspection and appraisal and am looking to get this money returned. I have been through the agreement and addendum and have found no where that the agreement can be terminated due to transfer of servicing rights. With this information would you say that Chase is in breach of contract and I can pursue the return of monies paid as remedy to this breach?
1 Answer from Attorneys
The entire contract and all attending documents must be reviewed first hand for an opinion. You really need to consult with a real estate attorney and have him review the paperwork in its entirety so that he can render an informed and intelligent opinion for you.