Purchasing a Foreclosure

[Josh Skyer]

Hi everyone, 

So I had an accepted bid on a foreclosure.  ( Freddie Mac)  

ITs an all-cash deal and they gave us 30 days to close.  A bit rushed but ok.  They then took 16 days to get a contract to us. Naturally, my Atty is not happy with them and demanding an extension if the title is not clear.  They said ok to the extension but they are claiming that Freddie Mac can not add the extension to the contract. 

The bank then expects us to sign a " time of essence contract" to close in 15 days one of which is Labor Day when the courts, county clerk, DOB are all backed up and delayed in providing us the documentation necessary for the title report. 

If I sign it puts me at risk of losing the contract deposit based on an arbitrary closing date set by whomever when my offer was accepted over 8/4 and not one person involved in this transaction on the sellers end responded to my emails or phone calls requesting a deal sheet and contract until 8/17 (2 weeks after the accepted offer). 

My atty demanded that we -- Either move the TOE closing date back or add extension language.
There is also 50K worth of HPD fines on this prop that the bank is claiming were taken care of but still show up on a search.  So we are asking them to provide proof of fines being paid as the clock on the completely arbitrary and unreasonable closing date is still ticking here. 

I should have known this but also FM is claiming to be exempt from paying transfer tax which will also fall on me. 

ANY ADVICE in this situation would be greatly appreciated.