Seller yet to fulfil bank conditions, closing date a week away
I am in the process of obtaining a mortgage and the bank had several conditions. One of them was the sellers had to fix a broken vent in the attic. Once they fix that the bank appraiser was to evaluate and then finalize things.
We are a week away from closing and the sellers have yet to inform everyone whether the repairs have been done.
Both attorneys and agents (seller/buyer) have been trying to contact the sellers for the past several days. They do not return voicemails and provide no update. So we do not know whether the repairs have been made and so the bank is also still waiting to give the final approval seal.
If the closing date passes, we will lose our locked interest rate. My question is, if we decide to back out since the sellers did not fulfill the contract obligations (the repairs were also required in the contract) do we still have to pay bank fees associated with closing? What options do we have. I know that if the date extends beyond closing then we have to pay a fees to keep the interest rate.
Any suggestions? Has anyone been through a similar situation? We are really stressed out, since we have started packing, given our move apt move out notice.