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Can Buyer demand deposit after loan approval period expired? Seller alsonot yet Owner

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seniorjudge

Senior Member
I signed a contract with a trustee who apparently was buying a short sale from the bank and then selling it to me (the listing agent never informed us of this fact until after the contract was signed - in fact his listing was inaccurate as well). Aparently the seller was able to negotiate with the bank since he is the holder of the land trust altough not the mortgagee.
:mad:
After a week of signing the contract, the listing agent forwarded a letter of approval from the bank, with an addendum in which he stated that the deal was contingent upon approval from the bank. Two days letter he sent a letter of approval from the bank and asked us to close within 14 days. A week later, when we were ready to close, the seller's agent calls us and asks us for an extension because he learns to the negotiator/investing advisor to trustee wanted more money for "repairs" which were NEVER done to the property.

Long story short, they asked the bank to re-negotiate their numbers, AND THE BANK WILL NOT DO THAT, they have accepted their bottom line and THAT'S IT! So we (my lender and I) have been on hold with an underwritten loan for about a MONTH.

Finally today, they say that they don't want to buy the property at the amount the bank will accept and therefore they will not sell the property to us.

This breach of contract has a name, and I am sure someone out there knows it. Please advise. Also, they made us pay for appraisals ($600) and inspections ($600) and now they just walk away like nothing happened.

PLEASE GIVE ME YOUR INSIGHTS!!

Thanks
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