By now, after reading advice from my fellow Realtors/Brokers, I'm sure you understand that its NOT a good idea to deal with the listing agent when purchasing a property. You'll ALWAYS get the raw end of the deal. The seller (bank) in your case, does not play games. I will be in the Hercules area this week so if you like, I can come take a look at your contract. Good Luck
Is the agent the listing agent as well? I've heard stories from clients friends that went direct to the listing agent, thinking they can "deal" with them all to find out they got screwed somewhere. FYI, the listing agent has the responsibility to their seller client because if they sell the house, they get more listings. Some agents can be biased, some can't.
As far as utilities, you can turn them on or the agent can. The sellers EXPECT 7 days exact to release the inspection contingencies, then after that, they move to what the REO industry calls "passive" removal. This means if they don't hear from you or your agent, then it's removed in the seller's eyes.
First of all, there was almost certainly an addendum to the standard contract, known as an REO addendum. That may have been drawn up entirely by the seller's attorney, benefiting the seller in every case. One typical clause is that if the buyer does not close by the agreed date, the buyer pays a penalty of $100 for every day from the agreed date until actual closing, to the seller. Another, which may affect you, is that the contingencies will be automatically removed at the end of the contingency period, whether the buyer has agreed or not.
You need a good Realtor on your side of the table, and quite possibly a real estate attorney. You need to know what was in that REO addendum that you signed and how it applies in this situation.
You do have your own agent don't you? I hopw you are not being represented by the listing agent!
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
See all homes for sale in Contra Costa and Alameda Counties