Question Details:I put a contract on a foreclosed home. The bank accepted my contract and I have been waiting to close for a month. After a survey of the property last week, the bank wants me to withdraw the contract so that they can redo the foreclosure and clear the title on the home. I still want this house. What are my legal rights to purchasing this home?
In contract law there is something known as "specific performance". If a seller refuses to sell, regardless of the reason, you may be able to bring a lawsuit to force him or her to sell at the agreed-upon price.
Specific performance is usually available when the contract involves some kind of unique goods or other unusual benefit to the other party, and ordinary money damages aren't sufficient. Real estate is often the subject of specific performance because, in most cases, each piece of property is unique.
If the contract was properly executed you may have the above remedy available. The ability to clear title may be a provision written in to a rider to the contract. Get legal help ASAP.