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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55481
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I was under contract with a sort sale property in New York

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I was under contract with a sort sale property in New York State. The bank running the short sale was Wells Fargo. We were under contract from December 12th, 2012 until April 30th, 2013. I waited until April 12th for Wells Fargo to have the property de-winterized for a water test and to complete my inspection. The water test came back with coliform, and the well needed to be treated. I agreed to take care of the problem, but Wells Fargo closed out the contract on April 30th, the closer on the account said "The buyer is taking to long to close, we are refusing to grant any additional extensions on this account.". Despite all of the requests to the Wells Fargo closing offices from myself, my lawyer and my mortgage officer. All extensions granted were because Wells Fargo had not yet sent a plumber to de-winterize. I had to reschedule my inspection multiple times because they did not act in the timeframe they set up for themselves. I've spent over $3,000 on this property, in good faith that I would be able to close on this home. Am I entitled to ask Wells Fargo for retribution of expenses, since they wouldn't allow me to close? I wrote a new offer on the same property on May 4th, 2013 and despite the fact that we were previously under contract, it is now July 23rd and they have yet to accept, deny or counter my offer. At the very least, I would like to file a complaint with the federal banking commission and would like to help encourage big banks to stop treating customers this way. If a law suit is warranted, I will file one and hope that it will make a difference in how consumers will be treated in the future. Thanks for your time!

Kristen Aveis (NNN) [email protected]
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. I would absolutely go after them to be reimbursed your expenses. The bank is going to be held in bad faith to terminate a contract due to a time lapse when the delay resulted from their actions. The bank is acting like a typical bank. They think because they have all the money, they can simply shove this stuff down your throat. And, most of the time, they do because people pretty much fold their tent and just take it. But, you should not. I would suggest you write the lender a certified, return receipt requested letter detailing the history and demanding that the lender either reinstate the contract or reimburse you for your expenses. You will would want to mention that this claim will be filed not only as a breach of contract claim, but also as a gross negligence and/or intentional bad faith claim, which will entitle you not only to your actual damages, but punitive damages as well.

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