Short sale bank breaking contract

[gcorrell]

I have a purchase agreement to buy a bank-owned property with a purchase agreement signed by the bank's legal representative (listing agent) stating the loan must close by 5/30/2010.

The loan is in the final stages of underwriting and was scheduled to close before the 30th.

Last Monday (the May 10th) the listing agent called my lender to say that the bank's appraisal is expiring on Monday 5/17 and that if we did not close by then they were going to put the house back on the market. My lender simply couldn't get it done that soon.

I was/am really looking forward to moving into this new home. I have already packed my belongings and must be out of my apartment by month's end.

My question: Does it sound as though I have legal standing to get the bank to still allow to the 30th to close?

Thanks for your help!

 

[army judge]

I have a purchase agreement to buy a bank-owned property with a purchase agreement signed by the bank's legal representative (listing agent) stating the loan must close by 5/30/2010.

The loan is in the final stages of underwriting and was scheduled to close before the 30th.

Last Monday (the May 10th) the listing agent called my lender to say that the bank's appraisal is expiring on Monday 5/17 and that if we did not close by then they were going to put the house back on the market. My lender simply couldn't get it done that soon.

I was/am really looking forward to moving into this new home. I have already packed my belongings and must be out of my apartment by month's end.

My question: Does it sound as though I have legal standing to get the bank to still allow to the 30th to close?

Thanks for your help!

You want to act on the bank's promise to enforce the contract.
What consideration are you giving to the bank to hold out for you on the 30th?
To ask it another way, what does the bank get, if your financing falls through?

If the answer to that is nothing, you don't have a contract.
So, if you want the bank to wait for you to get your ducks aligned, you have to be very nice to them.
You can't threaten legal action.
Besides, banks don't care.
They are like insurance companies, they've beaten the best!

Besides, you couldn't even get your complaint filed, the bank served, and their answer back to resolve this by the 30th, even if you had a case.
Which by the way, you don't.

That said, just be very nice to them
Plead, beg, cry for extra time.
You'll be surprised how nice people are when you're nice to them! :yes: