Often times in the real estate world, a closing date should be treated as a "target date" because there are many other parties involved(title, insurance, lender, etc.) I don't know the specifics of your transaction, but if you are still working within a relatively reasonable escrow period with good communication and good faith efforts....you should be able to close on your first choice.
One other thought, can you have the sellers/seller's agent call your lender for updates?
Here are some key points.
*Seller would have to wait another 30 days instead of a Week
*You are in Final conditions
*Seller would have to go through the stress of getting another offer and then the whole inspection process all over
Keep in mind I understand the disappointment of not closing on time! This is Real Estate and market is busy, Deals are not closing on time.
Take a deep breath and get agents to talk to each other, Sellers agent should keep this deal alive and it will be a win win!!
Johnie Borgeson Realtor / Zip Realty
1. Loss of current money paid on this home
2. Inspection fees
3. Appraisal fees
4. Waiting for lender to approve that sales contract
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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You will start the process over with new home.
Hopefully with a lender that doesn't keep extending closing.
Hopefully it doesn't get that far and they extend again.
(214) 763-4629 cell/text/nights/weekends(Really!!)
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If you lose this house you will need to submit another loan with the lender. Each loan is tied to a specific property. You should speak with your lender to see if you do have any options should you need to start the home buying process again from the beginning. Possibly they can keep the loan open again. There are things that will need to be updated and changed along the way so this is a question you need to ask your lender about.
Hope this helps.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
Should you fire the lender and the agent? I don't have enough information to even be able to advise you on that (not withstanding ethically I cannot advise you how to fire your agent). However, if your loan was a hard loan to get approved and this lender does indeed get it done then it might make sense to stay with them. You will have to go through the approval process again with the new house because they will need a new appraisal and lots of other items. The good news is if this lender can get your file to the same underwriter that approved it the first time you should have all the documentation in your file and be able to get through the process faster and easier the second time.
Regardless, if this doesn't result in a purchase for you, I would recommend you seek out another lender and another agent to assist you as it sounds neither of them may have performed well to date.