Hmmm... haven't seen this angle yet, though I am sure it is out there.
If you were a buyer and had an offer on a foreclosed property, that was canceled (the sale) by a lender/bank/agency because of the current review. And further the reason for the cancellation was the result of a negligent act by the lender (how do you say robo-signer) you (the buyer) have been harmed.
Let see how much harm? Well the cost of an inspection, apprasial, the appliances you just bought because you needed a refrigerator and washer/dryer (which went with your old house...now closed). Oh yeah your also out on the street or potentially so. Seems like a good attorney, and perhaps a not so good one, could make a pretty good case.
I think the banks documents they had the buyer sign probably provide some protection however the fact the bank apparently committed negligence if not fraud may negate any defense contained in the purchase documents.
Could be interesting.
Perrin Cornell, Broker
Century 21 Exclusively, Wenatchee, WA
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