I am purchasing a home and in our sales agreeement with have an appraisal contingency. The home recently appraised for $40K less than the contract price. In the contingency, it states that the time limit for the Seller to respond to the amendment to reduce the sales prices is the earlier of (1) 10 days from the date the Amendment was delivered OR (2) time of closing.

Our agent delivered the Amendment to reduce the sales price on June 12th. We were informed earlier this week that the person handling the file is on vacation and will not return until Monday. He was in the office on the day that the Amendment, appraisal and other comps was delivered. To date, we have not gotten any type of response from the bank. Technically, it has been 10 days since it was delivered.

At this point, do we have any recourse? I know that real estate contracts are time sensitive and it appears that the seller(bank) is ignoring this. Any advice on how we should proceed? We have been waiting to close for almost 2 months.

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