Basiliko v. Pargo Corp.

NEWMAN, Associate Judge:

In this appeal we are asked to decide what remedy is available to the successful bidder at a foreclosure sale when the trustees fail to convey the mortgaged property after discovering that the borrower was, in fact, not in default the time of the sale. Because we can discern no basis for distinguishing this breach of contract from that by any other vendor of real property who fails to convey for lack of good title, we hold that Basiliko is entitled to contract damages measured by the difference between the foreclosure sale contract price and the fair market value of…