My question involves real estate located in the State of: Illinois
Need advise, We were at the closing of a Reo property in Mid April when we were informed half hour after signing papers that we could not close that we had been out of a contract since the end of Feb 2010. We were originally supposed to close at the end of January 2010 (the property is a Reo and we had to order a total of 3 appraisals to be able to get the financing). The delays were caused by the condition of the property such as the differrent appraisals that needed to be ordered. Also the house had a busted pipe and by the time the Reo Seller (Bank is out of State) agreed to pay (after asking for different estimates) we were in April. The Reo Seller was working through a third party that was authorized to represent them. Any communication our Realtor or Listing Realtor had with Seller bank was through Third Party company. All this time extensions to the contract were submitted and to our knowledge approved. Third party kept communication with Listing Realtor and our Realtor and frequently asked when they could schedule closing. First they had scheduled a closing on a Tuesday, then third party representative indicated we would need to reschedule for a day later since the seller did not have time to review the documents on that day. They rescheduled for the next day. Half our after being at the Title Company Listing Realtor contacts our Realtor that they were having issues on their side. This is after their authorized representative had scheduled the confirmed and scheduled the closing. Gave us instructions who the checks should be made payable to for the closing and the Final Hud for our attorney and lender to Review. No one from the Reo Seller is at the closing table, the only type of communication we had with them was through phone or email. Out of nowwhere they stated that we had been out of a contract since the end of February. My question is what happened to the other extensions we submitted and third party indicating to us that they had been approved. Third party was even pressuring us to give them the clear to close a.s.a.p. So there we are at the closing table and aside from our Attorney and Realtor no one than could answer as to why did they make us believe extensions had been accepted. We had already rented the house we live in to be able to move into our new house and since we had gotten the financing and to everyone's knowledge extensions were accepted. It is incredible what is happening, I understand if we had been told since February extensions were not approved (or maybe not even sent by Third Party representing Selling Bank) we would of avoided a lot of losses. We spent approximately $1,200 in appraisals, Down payment we were giving was withdrawn from a IRA account and we had to pay $4400.00 in taxes. I had just started a temporary job a week before and since we really liked the house I asked for two days off (being so new at work, they let me go). We really wanted the house and it seemed we walked into a fake closing. I know reo sellers can protect themselves with the addendums in the contract. But who can protect us form being so mislead by the Third Party Company that in our eyes and our Realtors had bad communication with their client the selling bank. Our Lawyer was trying to ask for an addendum to contract to help us close. However, since the bank was out of state they had no one at the closing table... We are out $5,600 thinking we would close and out of a Job. What is worst at this point my husband is really affected by all of this. What can be done, this makes us feel like big banks can do what ever they want with a consumer. Our Realtor did inform us that she never received any document to cancel our contract on the contrary the third party representing the Seller bank kept on pressuring us to close. What are our rights? If indeed we were out of contract shouldn't we have notified. Why was the authorized representative from the bank e-mailing is our extension was approve. Can they do that, their third party company is the one that confirmed the closing.