I made an offer on an Olathe foreclosure home last December. I just found out that the bank has canceled the real estate contract days before closing. Can they do this?

Question: As a first time home buyer I was excited to being able to buy my first home. I made an offer on an Olathe foreclosure home last December. In January my offer was accepted by the bank and so my real estate agent recommended that we complete our inspections. My agent sent me a signed contract with a stamp from the bank in the sellers section. I completed my inspection and I was ok with the outcome. I have been on cruise control until last Friday, a week before closing. I was notified by my real estate agent that the bank has denied the purchase. When I asked why, I found out that the bank has thrown out my offer and has accepted a cash offer. How can the bank throw out my offer and accept another offer on the home I was purchasing in Olathe? Also, what about my inspection and appraisal fees? I found out that the cash buyer is using my appraisal and inspection. This burns me up. What can I do?
Unhappy Amy from Kansas City


Answer: Banks think they are above the rules and don't operate by the same rules and laws as people. I would take your contract to an attorney to have it reviewed. I know some banks use specific addendums that allows them to cancel the real estate contract any time and without penalty. I hope this is not the case with your real estate purchase contract.






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