Is there any recourse for a buyer to get an existing mortgagee to move forward with the closing?
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Is there any recourse for a buyer to get an existing mortgagee to move forward with the closing?
The bank has given us a closing date, then withdrew it, then assigned a new negotiator. We resubmitted the purchase and sales agreement, and now it’s been over a week since we’ve heard anything. Is there anything we can do to try and get the bank to get the deal done? It’s a cash offer, we have the cash ready and waiting for them. We’re wondering if a strongly worded letter from our attorney might help.
Asked on June 18, 2012 under Real Estate Law, New Hampshire
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You have a purchase contract signed and in place? Does it by chance have a "time is of the essence" clause in it? That clause moves a buyer and a seller quicker than anything else. I would speak with your attorney on the matter as soon as you can. Good luck.
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