Your mortgage consultant can go along way with helping the listing agent and sellers feel more confident in the loan process by simply communicating with them. What caused the delay? What they have done to resolve it? Is it a timing or volume issue or a qualification issue? The lack of communication throughout the process is the Number One complaint from most listing agents.
No, the listing agent can not force you to work with their lender. However, based upon some of the rescue loans I have done recently, I really cannot blame them for being protective of their clients and their reputation in assisting the sellers to accept the offer in the first place. Best of luck to you. Here's hoping you loan closes on time.
Please confirm whether you are using the term "Selling Agent" to mean the Seller's Agent or the Buyer's Agent.
In Realtor®-speak, the "Selling Agent" is the Buyer's Agent and the "Listing Agent" is the Seller's Agent
I am guessing you are speaking of the Listing agent, however, no one can demand you to use a particular lender.
They can suggest only.
Just use the word RESPA if they do.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
"Selling agent" refers to the agent who initiates the sale and in most cases is solely representing the buyers, although they can also be the seller's, or listing agent. It would have been in your best interest if your agent had submitted a request for an extension of time before the contingency period was up. However the seller is under no obligation to grant such an extension. High pressure tactics rarely result in positive results, but these things tend to work themselves out if everyone hunkers down and works hard to resolve the situation.
Best of luck and I hope your agent and lender can get the situation worked out!
However, if the transaction does not close on time, and the Seller is not willing to extend, and the deal falls apart, then the agent is under no obligation to stick with you after that.
Your agent - and their brokerage - are obliged to stick with you under the terms of the current agreements you have.
All the best,