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!
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!