Legal Question in Real Estate Law in California
I have been in escrow for 3 months and the original contract was for 30 days. The escrow close date has been extended 4 times by the bank. The first time the bank blamed the title company, the second time the bank stated they were in an audit and couldn't sell anything, two weeks later they extended a third time and stated they were selling the condo to another investor who I would then purchase from, and a 4th extension because they aren't done selling it yet. I've been paying an extra $200 in rent each month to avoid being in a lease at my apartment and I've lost my interest rate lock on 4.25% because the bank has taken so long to close. Since the time I locked the interest rate my rate has gone up to 4.75%. I regret that I have signed an extension each time for a new escrow close date. Does the bank owe me losses for rent and/or the interest rate for the lifetime of the loan?
2 Answers from Attorneys
Don't you have someone at the bank you can talk to about this? A 0.5% interest rate hike is not insignificant in the long run. I'd be very upset. I think you are being abused by this seller.
Unfortunately by agreeing to the extensions without addressing the losses they were causing, you lost your rights to recover your losses. If you have not signed off on the fourth extension, or they ask for a fifth, contact me to assist you in dealing with them and you may be able to get some relief.
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