Asked by Lynn, 12144 • Mon Mar 22, 2010
In July 2009, I entered a contract to purchase a short sale property. In the contract, I had a clause that stated if short sale approval was not obtained by the bank within 90 days, I had the right to get my deposit back and walk away. The deadline was extended once, by another 90 days. Two days before the 90-day extension was up, the sellers' lender countered our offer and we were able to agree on a sale price. One month later, the bank still has not received written approval for the short sale. I'm beginning to think the counter-offer was just a ploy to keep me on the hook, as there has been no activity since we agreed on a new price. Can I still get out of the contract since the bank has not yet obtained short sale approval?
Real Estate in Rensselaer
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