I am trying to find a way out of a purchase contract due to a couple of reasons, but those reasons are not the point of the post.

The seller needed to get approval from her mortgage company to formally accept my offer. I had to keep extending the Sellers Written Approval Date from 11/14/07 to 12/4/07 then to 12/14/07. Then Christmas came and I didn't feel like going down to change the date again so I figured I would do it after the first of the year. Well before I made it down to the realtor the bank emailed their approval so the only date I changed when I made it down was the Settlement Date which I moved out to 2/18/08 (which I now realize I won't be able to meet).

Now I have this technicality I think that the Sellers Approval wasn't completed in time, and because my contract is a time of the essance contract, I think I have a way out. I know, it is terrible and very weasel-like, but does anyone else agree?

I could give the list of reasons that I am trying to get out, and I am willing to bet that 80% of people would agree I am justified, but like I said that is not the point of the post. Thanks in advance.

If you did not extend, then their sellors approval would normally have acted as a new counter offer, so if you accpeted their contract after they sent in their approval and you acted on it, then it could be seen as a valid contract.

To be honest, you can try and back out, and they can sue you, and it will be up to a judge, I don't believe this is clear black and white since there was action on your part and thiers to continue the contract after that point.

On face value, but legally I think you may have a problem, remember being right has nothing to do with the law, being legal is the issue.

Had you not changed a settlement date but merely rejected the sellers approval, but by acting on the contract, it showed a face value of accepting it as valid.