My jurisdiction is: CA
So, I'm in the middle of a purchase agreement, 4 days past the closing date without clear title from the seller and the listing agent decides to cancel my purchase agreement after I had requested for an extension of time even though they clearly do not have clear title to present to me. So, it really is on the listing agents end to provide me with clear title and I spoke with the Listing Bank's internal REO Asset Mgr who even stated to me that if they do not have clear title to close then they cannot close and he was fine with the extension. Now, after 4 days of going back and forth and missing our scheduled closing date and the listing agent refused my request for Time Extension in order to obtain clear title, the listing agent somehow got the bank to cancel on me and put the property back on the market as active listing.
Upon seeing this, my agent (buyers agent) panicked and was told by the listing agent that we need to make a larger $5,000 deposit towards escrow, show a more documented proof of funds and make another offer to the bank in order to proceed. This means we would be starting the process all over again and praying to see if the listing agent doesn't do anything shifty to turn down my offer.
Can a listing agent cancel on me at any time without my receiving / signing and Demand to cancel?
Don't I get to see some sort of "Right to Perform"?
Should I contact the bank and find out what happened? How they canceled?
What recourse do I have?
This is Urgent. Please help.
So, I'm in the middle of a purchase agreement, 4 days past the closing date without clear title from the seller and the listing agent decides to cancel my purchase agreement after I had requested for an extension of time even though they clearly do not have clear title to present to me. So, it really is on the listing agents end to provide me with clear title and I spoke with the Listing Bank's internal REO Asset Mgr who even stated to me that if they do not have clear title to close then they cannot close and he was fine with the extension. Now, after 4 days of going back and forth and missing our scheduled closing date and the listing agent refused my request for Time Extension in order to obtain clear title, the listing agent somehow got the bank to cancel on me and put the property back on the market as active listing.
Upon seeing this, my agent (buyers agent) panicked and was told by the listing agent that we need to make a larger $5,000 deposit towards escrow, show a more documented proof of funds and make another offer to the bank in order to proceed. This means we would be starting the process all over again and praying to see if the listing agent doesn't do anything shifty to turn down my offer.
Can a listing agent cancel on me at any time without my receiving / signing and Demand to cancel?
Don't I get to see some sort of "Right to Perform"?
Should I contact the bank and find out what happened? How they canceled?
What recourse do I have?
This is Urgent. Please help.
