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 8 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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