We have contract to purchase forclosure from bank. ... - Zillow Real ...

My wife has cold feet and wants out.? Too costly to get it to where she wants it looking.? The foreclosure deed was vested to wrong bank on accident.? The are being asked to extend date 3 weeks and waive the per diem language (related to if we would delay the closing) Bank is asking us to sign another addendum to extend the closing date which we have not signed yet.? Is the mtg in breach of contract by not closing on date of contract?

Counter addendum added to original contract states:

Closing... The closing date may be extended by the parties in accordance with the terms of this Addendum.? Unless the closing date is extended by the parties, if either party fails to close by the closing date, the non-defaulting party shall be entitled to exercise the remedies provided for in this addendum immediately and without notice.

Default: ... If seller fails to make full settlement or is in default due to seller's failure to comply with the terms, covenants and conditions of the contract and this addendum, buyer shall be entitled to a return of any earnest money as its sole and exclusive remedy and to a cancellation of the contract.

Source: http://www.zillow.com/advice-thread/We-have-contract-to-purchase-forclosure-from-bank-They-want-to-extend-3-weeks-Can-we-get-out/480305/

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