As stated by all others, check with your attorney. With that being said, its unfortunate that you are now first hearing of the bank issuing a 30 day closing date. That's pretty much common practice of the a bank in a short sale. That should've been explained to you by your realtor that most likely once the bank accepts your offer and they will issue a closing date and that closing date is what it is. They have little or no regards as to what your position is on that closing date. Check with your attorney to see what additional addendums may have been signed locking you into the contract or if at this point you can legally walk away without any strings attached. Of course, not knowing if or how much you've expended so far in attempting to buy this property, you need to outweigh your funds expended and anticipated funds should you choose to move on to another property. If you cannot just simply walk away or choose not to but insist on changing the closing date, you need to find out at what price or penalties will you incur. The bank is not likely to take any more of a hit on this property so they may look to put a penalty on you.
Gina Chirico, Sales Associate
Prudential NJ Properties
973-992-6363 ext 116
Other posters are right, seek the advice of your attorney right away.
Good luck and best,
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