There are some things you can do; you can request another extension in exchange of a per day dollar amount up to that closing date. If you are approved with conditions you can get a copy of that letter over to the seller's agent. Depending on the conditions they may or may not be open to an extension.
Depending on all the circumstances surrounding this (which I'm sure were not fully revealed here) the Seller very well may be ready to move on, regardless of finding another buyer. They may have lost faith that it would ever close and believe cut it off now then prolong the inevitable.
If the house was a flip the lender's guidelines may have had restrictions that had nothing to do with the amount of commission the broker was being paid.
If your Broker truly believes he can close you loan then the two of you can draft letters and build a case. Then the seller will decide.
Have you considered that perhaps this is a sign that this isn't the right property for you? If you decide to let it go and find another home, just maybe, you'll get a better property.
All the best to you.
I'm not sure why your agent isn't (or is) a "really good agent," he had a lender who would have been able do the job, if you had gone to that lender first rather than shopping around on your own.
Lisa, reading your story here, I don't think that anybody is really "at fault," and I think that the issue is that your sellers don't believe that your financing will hold up through closing, which - you have to admit - isn't a completely unreasonable thought.
All the best,
After doing this, we were able to accomplish our settlement by agreeing on mutual grounds... The sellers were upset with the listing agent and apparently wanted to get rid of him for it... That is why things got really complicated after our approval... But in the end, it all worked out for our good...
With that being said, I have learned to never give up on what you want and to remember good things come to those who wait...
Thanks again for all your advice!!!
If the appraisal hasn't been done, how does the lender know you'll be able to close at the end of next week? Seems like it could be a bit short sighted, as what if the appraisal has an issue or something along those lines?
I don't understand if the current owner's have owned it for over a year, and reside in the home, what was the issue about "flipping" you mentioned? Usually lenders only have issues if it's within 90 days, and actually with VA loans there aren't any additional guidelines about flipping (like there are with FHA).
So you see, it's about you and your past financing issues just as much as it's about the seller and what their goals are.
You also mentioned this was a "flip", so I assume the sellers are not living in the home, but are actually real estate investors who buy/fix/sell properties for profit, which would be another reason they are looking to sell the home ASAP as time = money.
@Mack I'm sure they wouldn't accept another offer or they would extend this one for another 15days the maximum time I would need worse case scenario per my loan officer.. But what we've decided to do is go ahead with the final loan process with the appraisal already ordered and have the loan company call the selles up for settlement date and I'm sure the sellers will have a different attitude once that check is cut!!!
I am reluctant to suggest that you talk directly to the sellers, especially if they are represented by an agent.
One thing you could do is to make yourself a stronger and better buyer. You might consider increasing the price, or offering a non-refundable deposit / earnest money, as a way of gaining favor.
But I agree with Gerard - it's really difficult to reconcile a situation where you want to sue the seller, fire your agent, and have made your way through three mortgage companies.