Fannie Mae has a special P&S addendum they include in the acceptance of an offer....it has a lot of legal wiggle room...its basically gives them a pull out option if they feel there has been any breach of the contract....they are unscrupulous...don't be surprised at anything they do.

Yes, if buyer did not request an extension of commitment date, contract is not valid. Did you submit an extension addendum??

If there is a clause that time is of the essence and the time frames expired. The party that did not meet the time frame, has defaulted on the contract and thus the other party has the options outlined in the contract. One of those options would be in this case to cancel the deal. The other thing, it sounds like you signed a amendment not an addendum nullifying the deal. This would really kill the deal.

The only thing you can do contact the lender to see what you can negotiate. You might be starting all over or if you have all things in place being a REO, they might reconsider. REO's do not always follow the normal selling process. Check with you Buyer agent to get the specifics in your area.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin

The seller can at any time pull the property off the market.
Was it a full price offer you put in?
If it was your realtor can go after them for his commission.
This might get them to change their minds.
If it was not a full price offer then they can with draw the property.
Email with your answers.
sbattersby@cox.net