Home Selling in Youngstown>Question Details

Rollin Gosney, Real Estate Pro in Canfield, OH

The problem is we are to close on a property we have contract on Mon. The people have not closed on our house w well fargo,so we cant close. 2mnths!!

Asked by Rollin Gosney, Canfield, OH Thu Nov 4, 2010

They say lender says there busy an sometimes wont call back. I have extended contract twice. How do I find out whats going on

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8
There's a deeper issue here - and as indicated by the prior responses it would be advisable for you to get the name of the loan officer, or just simply call the 2-3 Wells Fargo offices in Youngstown and find out who is working with this particular borrower - and then get the details. Nothing is taking this long right now, and as previously stated - a person should never be too busy to call back. Best of luck to you!
0 votes Thank Flag Link Wed Apr 20, 2011
The first problem is you tried to save some money and it cost you time which is money as you are being taken advantage. Lenders are not busy, they are barely giving out any loans. The key is teh dates in your purchase and sales contract. the buyer needs to abide by tehse dates, if they have gone over the dates they can lose their mortgage contingincy whoch would allow you to keep their deposit if they do not close and do not get an extension. An extension should only be granted with written information from their loan officer of what the hold up is, how they will fix it and in what time frame. A good licting agent would have had this settld, they contact the buyers bank directly, the seek out problems and solve them before it gets to this. You need to review you contract and teh dates from the begginning, has teh home inspoection been signed off on, is all teh disclosures (state and federal) up to date, has teh appraisal been completed, do you have committment in writing, do they have a title company, what do they say... it is harder to get the deal to close than it is to find a buyer. you may even need to seek advice of an attorney at this point if you have not been keeping up with everything
0 votes Thank Flag Link Fri Nov 5, 2010
Has the loan been processing completely with the appraisal completed ? If you are close to establishing a closing date, call the title company to determine the status. The title company can contact the mortgage company and inform you of what's happening.
0 votes Thank Flag Link Fri Nov 5, 2010
Rollin
If you sold by owner and it is the buyer of your house in question you need to conduct further due diligence. You need to get that buyers lender information and consult with them immediately. The lender should provide a loan status update. There are likely many questions to go over so re-read your contract for contingencies, assure they are met and talk to the buyer's representation as well. You can issue a cure notice if that is practiced in your state and give notice to perform. You may want to consider a per diem if they are asking to extend as well. It's hard to help without reading the contract but seek help of an attorney if you aren't able to get further on your own.
Best of luck
Laura Myers
Keller Williams
0 votes Thank Flag Link Thu Nov 4, 2010
Since its by owner hopefully you can get the mortgage persons name and just call them to see whats going on. If you have extended it for several extra weeks you will need to be calm, but direct and ask if this is actually going to close. See whats really holding it up and get a new time line if its going to close.
0 votes Thank Flag Link Thu Nov 4, 2010
Perhaps, you might consider changing your approach. Since your end-buyer's bank is the bottleneck here, you could restructure this transaction to work around their lender. You could do a lease option with your buyer, and your buyer could pay you off when WF finally funds their deal.
0 votes Thank Flag Link Thu Nov 4, 2010
we sold property by owner.
0 votes Thank Flag Link Thu Nov 4, 2010
Are you working with a Realtor? Do you have the lenders contact info? Your Realtor or you will want to contact the buyers lender directly at this point. If you have extended two months so far it might be a problem that is not going to be solved and you need to know that now.
0 votes Thank Flag Link Thu Nov 4, 2010
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