we just bought a house at auction, the bank now wants to rescind the sale. the p

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  1. profile image49
    jill.sweeney1posted 8 years ago

    we just bought a house at auction, the bank now wants to rescind the sale. the prior owner says he

    not get the required notices from the bank prior to the sale at auction.  We have the deed, title, etc.,The bank now wants to rescind the sale and wants us to give back the property so they can send their notices and then put it back up for auction. What are our rights? If we give it back, shouldn't we be able to get lost projected profits? If we refuse, can they tie the property up in court?

  2. dgicre profile image78
    dgicreposted 8 years ago

    If you have the deed and title already this may be worth visiting a good real estate attorney for a consult. The bank may have their reasons, you could also make an appointment with the Bank Manager  and ask him why the bank is doing this. Place a small tape recorder on the table and ask him it it is OK if we record this conversation for your attorney. Good luck, hope things turn out OK for you.

  3. C.A. Johnson profile image66
    C.A. Johnsonposted 8 years ago

    My mother was a mortgage underwriter and she suggests getting a real estate attorney quickly. Depending on the state you live in there can be a lot of options or very few. Either way you will need an attorney.

  4. kprimeaux profile image59
    kprimeauxposted 8 years ago

    The bank will often rescind the home for an improper foreclosure, if they did not meet the states law or requirements of notice.

    Technically, you bought a house that didn't belong to the person you bought it from. Which in a way means, you don't own it.

    It is unlikely you will recover "lost" future profits since that is only assuming that it would profit...What if it didn't etc...

    You could possibly suing the bank for damages due to neglect and negligence.

    However, I don't see this ending well. Most likely would get ruled in the original occupants favor. If the bank is already rescinding, that means the occupant most likely has a lawyer involved to even know that they could do that.

    My advice. Go get the next deal and wait until this one comes back on the foreclosure block. May be a few months.

  5. joysmith123 profile image61
    joysmith123posted 7 years ago

    please hire a good real estate attorney.


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