Hampton & Associates
Maurice Hampton, MPA
Direct 310.591.0007 (text avail)
Lic No. 01348678
4644 Admiralty Way
Marina Del Rey, Ca 90292
However, if you feel you are running out of time, talk to the seller. It is imperative you communicate. Closings, especially in this market do not always close on time and most educated sellers will understand this... you just need to let them know. Also, it would help to get a quick letter or something from your lenders manager or the underwritter, explaining the situation and also send a copy to the seller so that they know what is going on. This could help a lot in the case you need to request a closing extension.
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
Sorry to hear that you are encountering a difficult transaction. It is very important that you have a good and dependable lender team. At this time, I would focus on getting another back up loan officer and negotiate with the listing agent to give you more time and try to save this transaction and your deposit. Most sellers do not want to take another buyer and start the waiting process again if you are showing reasonable problem solving.
It is very difficult to make the lender be responsible for their delay. (626) 715-0992
Sometimes, sellers are willing to entend a closing date with or without a per diem, (fee per day for not closing on time) with a valid reason.
First, you got to find out who's representing you in this transaction, (by yourself, by a buyer's agent, by an attorney, or by the same listing agent.) Whoever is representing you must be in front line of this transaction and getting the pressure. If you're dealing with a loan agent, that loan agent should be accountable for closing the loan on time, too. Second, you must have all agreements in writing and signed by all parties involved, not by words of mouth. You may trust your agent, but you must verify in writing.
The sellers probably do not want to start this process over with a new buyer or at the very least they would prefer not to.
Have the sellers sent you a demand to close? I am sure your agent is communicating to the sellers that you are doing your very best to get the loan funded but somethings are out of your hands. Your agent can request an extension if it's necessary and can explain the details of the delay.
It's another issue altogether if there is a per diem that you agreed to as the buyer (ex: each day the buyer has a delay from closing escrow within agreed date, an amount is owed to the seller) or if your loan contingency period has passed. Just make sure your agent is on top of it.
As far as your lender is concerned, be as nice as you can when interacting with them no matter how irritated you are with them. You're locked at at pretty good rate in my opnion. Rates have gone up and I'm not so sure you can get the same rate if you started all over.
Even the best of underwriters can get delayed for one reason or another-- which may not even be related to your file! I hope you close soon!!!!
Good luck to you! Hope this is helpful!
Louri Groves, REALTOR
Prudential California Realty
Senior Loan Officer
Normal "stuff " happens everyday.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors