Help Bank Of America backing out of Regular Sale
We put in an offer on of a Bank of America VA owned home.The offer was signed and accepted by the Bank with a closing date of 11/23. After the appraisal and inspection was completed our loan was lined up and we were ready to go we received a phone call from our title company saying the bank wanted us to sign an addendum extending closing to 11/30 because they were having an issue getting clear title. Understood however BOA's title company contacted our title company (who sees no issues with title) that they have a title issue and can not close on time and refused to elaborate on what the exact issue was (went so far as to tell my title company and real estate agent that it was non of their business what the issue was and that all they needed to know was that there was an issue).
So closing is supposed to happen tomorrow and we get a call from the listing agent stating they haven't cleared this phantom title issue (while still refusing to disclose the actual issue) and they will be backing out of the contract and pulling the house from the market. The only clause that the BOA can back out of the contract would be for clear title, yet they refuse to tell us what the issue is let alone provide us any proof that there is any actual issue...
Now were out the appraisals, inspections (well get the deposits back) and living in a hotel... My agent said we should just walk away and doesn't think we can sue... I thought she was supposed to be protecting us? Can we do anything like file a lis pendes on the house or sue them for breach of contract? Sue the listing agent/ report him.. he clearly knows whats going on and refuses to talk.. what are our options at this point.. PLEASE HELP