Comments on: Is an offer with a real estate company legal? http://www.tie-dfw.org/today-realty/is-an-offer-with-a-real-estate-company-legal Sun, 09 May 2010 10:01:26 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Toodeemo http://www.tie-dfw.org/today-realty/is-an-offer-with-a-real-estate-company-legal/comment-page-1#comment-1269 Toodeemo Wed, 27 Jan 2010 22:58:59 +0000 http://www.tie-dfw.org/today-realty/is-an-offer-with-a-real-estate-company-legal#comment-1269 If I'm following this scenario correctly, it sounds as if the real estate agent was selling the property acting as an agent for the Trustee in Bankruptcy. If the Trustee retained ownership of the property on behalf of the bankrupt estate, it is entirely within the trustee's power to void transactions for any reason, including failure to obtain proper documentation. It is also within the trustee's authority to void a transaction in favor of another transaction that would result in more money to pay the bankrupt's creditors. If that's the case here, you probably do not have recourse. However, if the real estate company was representing a foreclosing bank and not the trustee, you may have a claim for specific performance. It sounds to me, however, that the trustee retained the property for the benefit of the bankrupt estate.<br><b>References : </b><br> If I’m following this scenario correctly, it sounds as if the real estate agent was selling the property acting as an agent for the Trustee in Bankruptcy. If the Trustee retained ownership of the property on behalf of the bankrupt estate, it is entirely within the trustee’s power to void transactions for any reason, including failure to obtain proper documentation. It is also within the trustee’s authority to void a transaction in favor of another transaction that would result in more money to pay the bankrupt’s creditors.

If that’s the case here, you probably do not have recourse. However, if the real estate company was representing a foreclosing bank and not the trustee, you may have a claim for specific performance. It sounds to me, however, that the trustee retained the property for the benefit of the bankrupt estate.
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]]> By: John M http://www.tie-dfw.org/today-realty/is-an-offer-with-a-real-estate-company-legal/comment-page-1#comment-1268 John M Wed, 27 Jan 2010 22:51:59 +0000 http://www.tie-dfw.org/today-realty/is-an-offer-with-a-real-estate-company-legal#comment-1268 Tell the realtor you are going to call the state regulation and licensing office and tell them what is going on unless you close as scheduled<br><b>References : </b><br> Tell the realtor you are going to call the state regulation and licensing office and tell them what is going on unless you close as scheduled
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