Posted on: 30th Mar, 2009 11:46 am
We were under contract with owner of a house , when 1 day before close we found out the owner filed bankruptcy 1 week after he signed contract to sell house to us, Now we are waiting and waiting to see what his bankruptcy judge is going to do and waiting for his bank to get back to judge with pay offs and now we are waitng to see if they will fast sell . I am sad and tried of waiting . Do we have any legal rights? :cry:
Hi
If he had filed bankruptcy and then entered into a contract, it would not be considered as valid. If he had signed the contract and then filed bankruptcy, it would also not be legal. If both you and the seller had signed the contract and if it was legally valid, you do have legal rights. I think you should definitely seek legal help from an attorney as he is the best person to take you out of this sticky situation.
If he had filed bankruptcy and then entered into a contract, it would not be considered as valid. If he had signed the contract and then filed bankruptcy, it would also not be legal. If both you and the seller had signed the contract and if it was legally valid, you do have legal rights. I think you should definitely seek legal help from an attorney as he is the best person to take you out of this sticky situation.