Real Estate Closing Extensions and "as is" condition (foreclosed, agent)

[FrustratedInArkansas]

We are buying out-right(no loan) a foreclosed house to rent out. The bid was accepted and we signed the real estate contract and paid the earnest money on Oct. 3. Our closing date was Oct. 16. On 10-27 -after many phone calls- we got an amendment for "extension of closing date". The new date is Nov 17. Queston #1 How many times can they extend the date of closing legally?
The longer the house stays empty we are worried about vandels. WE decided to buy the house in the condition that we saw it in as of Oct. 3. What if it is not in that "same" condition when we go to sign the closing papers? When we talked to the real estate agent about this all she ever says is that "you can back out and lose your earnest money". As of right now there is not any MAJOR repairs to the property that has to be made but over time there might accrue some if the house is left empty for an extended time. Question #2 do we have any rights if the house is not in the condition at the time of closing as it was on Oct. 3?
For example no windows are broken and what if at the time for the closing the windows are broken. That means more expense for us in the long run. Do we have any recourse that we can take?
I would be so THANKFUL for any info/advice on this situation.
THanks!

[MikeJaquish]

Originally Posted by FrustratedInArkansas

We are buying out-right(no loan) a foreclosed house to rent out. The bid was accepted and we signed the real estate contract and paid the earnest money on Oct. 3. Our closing date was Oct. 16. On 10-27 -after many phone calls- we got an amendment for "extension of closing date". The new date is Nov 17. Queston #1 How many times can they extend the date of closing legally?
The longer the house stays empty we are worried about vandels. WE decided to buy the house in the condition that we saw it in as of Oct. 3. What if it is not in that "same" condition when we go to sign the closing papers? When we talked to the real estate agent about this all she ever says is that "you can back out and lose your earnest money". As of right now there is not any MAJOR repairs to the property that has to be made but over time there might accrue some if the house is left empty for an extended time. Question #2 do we have any rights if the house is not in the condition at the time of closing as it was on Oct. 3?
For example no windows are broken and what if at the time for the closing the windows are broken. That means more expense for us in the long run. Do we have any recourse that we can take?
I would be so THANKFUL for any info/advice on this situation.
THanks!

Your contract should explain the meaning of the closing date.

A reasonable closing period was defined in our standardized NCAR(North Carolina) forms this year.
It now gives the "non-delaying party" the option to withdraw with the earnest money at 30 days after the original date.
Prior to that, NC courts had determined that 365 days after the date was a reasonable period of time to close. !!!!

Of course, for a foreclosure, the bank has required an addendum that defines the transaction, right?
What does your contract say about the closing date and the condition in which the property will convey?
How does the addendum modify the contract?