What I feel your lender needs to do is call up your real estaet agent, as well as the listing agent, and explain exactly what went on and own up to their mistake, saying it was completely their fault and you had no hand in what happened at all. They should also have an exact timeline on when each item would occur, from the closing instructions/loan documents getting to the escrow/title company to the loan documents would be signed to when the loan would be funded to when the loan would be recorded... so everyone knows how much more time to request for the extension.
Have you received an loan approval letter from the loan company after appraisal was done? I believe you did. Otherwise, you wouldn't remove the loan contingencies because it's very risky removing loan contingencies without any proof. In RE transaction, verbal commitment doesn't really help much. I believe the letter should help you to talk to the supervisor to convince that they should find a way to make this work since it doesn't seem it's your fault. If you talk to the supervisor with the proof of the loan approval letter, I believe they should help the situation. And then, talk to your realtor what they are saying. Hope your realtor can give you advise.
Incidentally, why are you nvolved with the loan package at this staqe of the process? Why aren't your agent and the escrow officer coordinating the arrival of loan docs?
Make sure your agent is sending emails that get to the sellers as well as the sellers agent. Communication can alleviate a lot of fear of the unknown. Also, Get a letter from the loan agent for the sellers stating the loan is approved but there is a software issue and when you do the extension of time, give yourself a few extra days so youâ€™re not just doing another one.
Remember, you are not out of contract if the sellers agent has not given you a "Notice TO Perform" and they have to give you 48 hours to perform.
Is this a direct lender? Did your agent refer you to them or is this your bank where you have your checking/savings account? You're best bet is to try and reach a supervisor and go up the chain of command until your docs get out. Your agent should be involved in this with you, most certainly. Keep your lines of communication open with the listing agent too. No listing agent likes surprises at the very end.
Rich Bennett, Realtor
Zephyr Real Estate