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Hey nice story- If you had the cash you should've went to the sheriffs auction and bid on it- looks like you couldve gotten a great deal since no one bid or met the bank reserve at auction-
When banks are selling an REO it is an AS IS sale- everything is pro the sell side (Bank) because they are, like someone else mentioned "Usually taking a pretty big loss.."
You can always do proper due diligence- im sure like some of us here ive gone into a few "REO" homes while they were listed on auction.com or sold with an REO agent... without the banks or agents permission-
to sum up- you cant challenge the bank- they dont need you- they can sell it to anyone usually at that price- and they are looking for the least hassle possible- that is why banks agree to short sales- less of a hassle than going & foreclosing on someone..
Or you can hire an attorney that has a connection with the banks that can rewrite the contract for you without it getting thrown out.
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