Also, was the loan contingency removed? This late in the game, if you back out you most likely will lose your deposit and may be looking at a lawsuit. I recommend patience.
Cynthia I. Nakaya
Realtor, Tarbell, Realtors
12648 Limonite Avenue, Suite 2G
Corona, CA 92880
951.743.3321 Cell/ Text
License # 01818243
Short Sale Certified
Turning House Calls into Homes
Yes, you have signed a contract so there are potentially big issues if you are not willing to sign when they are ready.
Obviously this is very frustrating and you should be getting assistance from your realtor and everyone at the mortgage company....loan officer, their boss, the president's office, the seller's realtor....the title company. Often there is not much anyone can do. This is common and it is their money you are asking to borrow. Another alternative is to get a mortgage banker involved that could potentially close in 10 days or so.
Even when it doesn't seem like it, all these people are on your side. They want you to close, they want you to close on time. They want you to close quickly. None of them get paid until you close.
A Realtor would have some advice for you if you have hired one through a 'Buyers Representation Agreement. Did you hire a Realtor? Do you have a Realtor? Have you discussed this with Your Realtor? Have they recommended a Real Estate Attorney? Do they have all the facts? Also, in some instances due to the additional stress ....Buyer Remorse... occurs . Rembember it can also be stressful for the Seller. Making a decision while emotions are on a roller coaster is not usally the best way to handle a decision. Take a deep breath....talk to your Realtor (I hope you have one) and listen to your options, find out exactly where you are in the contract and any extentions, review them, ask his/her advice, ask if they know an attorney and if it is time to bring one into the mix, then make a choice. Without the facts any advice I might give you may fall short. Yes, there are legal and contractual repricussions and they can be hefty. This is why the knowledge and experience of a Realtor is so valuable.
If you did not hire a Realtor.... I can give you the name of an Attorney you could retain. Good Luck. KathleenRealtor1@gmail.com
Richard Howell, CRS, GRI, ABR, CIPS
What has occurred does happen more times than you can imagine. The larger national banks have more of tendency to do this .
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors