Saxon Mortage / short sale, 4 months waiting for rejected offer after verba acceptace by bank
I am trying to buy a house listed with a local real estate company, it was not listed as a short sale, however guess it actually is. Made orginial offer Jan 9, 2009, offered full asking price, offered to pay all closing cost, contingent on a home inspection. I received word from my realtor that the owner accepted, however we needed bank approval. Received verbal acceptance from the bank several days later, I did the home inspection at this time, and accepted condition as is and removed the contingency. Closing date was set for Feb 18, 2009, no bank acceptance by this time, so closing was reset for 30 April 2009. I was reassured by my realtor that the offer had been accepted verbally, that they could not go back on that, it was just a matter of time to get the paperwork processed. Well 30 April came and my realtor called and said they finaly got information and that the offer was not accepted. That the holding mortage company "SAXON MORTAGE" was going to push the property into foreclosure. How can they legally do that, I did a home inspection, spent $280.00 and waited four months. I have cash, offered full asking price and was willing to pay all closing cost. This company did receive part of the recent stilimilus package authorized by the President, to help the common person. The seller is quite up-set too, she did everything she could to sell her property and save her credit status and the mortage company wouldn't let her. what happen to the American rights and business laws.