Feb 28
We are in escrow right now. This is a bank owned property. The bank bought the property in Jan 2010 at an auction. The title company found out there are liens against the house. We still haven't signed off the loan contingency and one other thing (i forgot), both are to protect us. According to the title company, the IRS will normally wait for 120 days after the day the bank bought the house. If so, our closing date will be pushed to mid may. We have a contract to show that closing date is 3/10. If the house can't close on the contracted date.. Can we sue the bank? i don't know all about this whole lien thing. I assume the 120 days waiting period so that the bank (seller) doesn't have to pay whatever the house owes IRS. That's not fair though? So.. if they want to close on agreed closing 3/10, they (the bank) will have to pay whatever is owed to IRS right? They can't delay our closing date just because they don't want to pay IRS. Am I right? That's not fair. What can I do? Can we sue them? We really want the house and really want to close before 4/30 so we can get the tax credit of $8000. Please advice... should we get a lawyer?
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