My question involves real estate located in the State of: Nevada
I'm the buyer of a short sale. We had an accepted offer in January, and finally, on June 30th, we received full Short Sale Approval from Bank of America to close by July 31.
Bank of America is the 2nd mortgage on the property. We had full approval already from the 1st.
I go through my due-diligence. Appraisal and inspection.
On July 22nd, days before I close, Bank of America sold the note to another credit agency.
We passed our July 31st deadline, and the first foreclosed on the property killing the deal. They now have the property back on the market and are accepting bids.
I have a contract to buy that property. I'm a first time homebuyer and am covered under the 8,000 dollar tax credit if I was to close by Sept. 30.
We would have closed by July 31st if BoA doesnt sell the 2nd mortgage out from underneath me while under contract.
I feel that I should be able to get my appraisal, inspection, and tax credit money, as they seem to be definitely in a breach of contract.
Do I have a case?