Offer accepted, Time is of Esence to close Bank cant close

[Michael Lauther]

I put $500 earnest money and bank countered and I accepted counter . they stipulated that if I could not close by 8/20/12 they would be entitled to $100 per day. i am ready to close they cannot get title cleared in time and title company now estimates not closing before 08/28/12 as there is an issue with sheriff sale not being recorded properly. I used the banks title co per their request and they agreed to pay title ins. What issues do I now have to consider. I still want the property but the delay will cost me a section 8 tenant I had lined up to rent. I asked my RE Agent to get clarification about an extension. I certainly shouldnt have to pay if the Bank cant give me clear title.