Asked by ccheng168, Los Angeles, CA • Wed Jan 23, 2013
In a short sale purchase, the bank gave us a "projected settlement" date on 12/29/12 which falls on weekend between two major holidays. In anticipation for holiday delays, we filed a formal extension 10 days before the deadline. They never responded, but ordered another appraisal. They came back after the deadline and wanted much more. Had the bank denied us timely, we could have pushed harder to close in time (in fact, we signed the loan doc and was ready to fund and close just few days after the deadline). I felt the bank deliberately delayed its response, misled us by not saying â€œnoâ€ to our request thus give us a false safety. The bank is now remarketing the property for a higher price, but our escrow has not been cancelled. I am seeking your expert advice. Do I have a legal ground to fight for the validity of our contract? Thanks!
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