Posted on: 04th Nov, 2010 11:11 am
I just bought a shortsale house and 2 weeks before closing the AC got stolen. The seller lender, bank of america filed a claim with the insurance company. We were in a hurry to close by Sept 30th to be able to get the first time home buyer tax credit so we couldn't wait for the AC to be replaced. Both side agree that BOA will reimburse the Insurance check to us to replace the stolen AC and we put that on the Addendum to the contract. Now the Insurance company already paid the claim, BOA got the money but they refuse to reimburse it to us. My realtor said that the Bank may not be required to follow thru with their commitment.
Is this right? How do I get BOA to pay out that money because that's our money basically.
I appreciate any advises you have.
Is this right? How do I get BOA to pay out that money because that's our money basically.
I appreciate any advises you have.
Quynh I sincerely hope you had an attorney involved in your closing. That's the first person you should seek out in order to claim your proceeds from that insurance check. You indicated that it was mentioned in the addendum to the contract - how is it that nobody can enforce it? If you can't rely on your lawyer, you may want to get a different one - I don't comprehend how you can work out an arrangement only to have the bank renege on it.