Valid purchase agreement?

[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!

It would take longer than the 30th to solve this in the courts.
That is, even if you had a case.

In cases such a sthis, its usually better to appeal to someone's better nature than to resort to court intervention.

Why not try talking this out?
Beg, plead, cajole, but stay extra polite.
Approach this from the position that you're doing everything to get this done.
You like some additional days.

Banks can't be bullied.
They have lawyers at their beck and call, ready to defend at a moment's notice the bank's rights.
So, just be nice, let them know how important this to you, and watch how cooperative they become.

If you want "this" house, you'll never bully them into working with you.
But, some of them will work with you, if you approach them with a "won't you please help me" attitude.