Unfortunately their really is not to much that your listing agent can do in this case other than request that the buyers agent continues to update him on all comunications with the bank. With confidentiallity isssues the lender will not discuss the loan with anyone but the borrower unless given authorization to do so his hands are tied.
Not granting an extension would kill the deal so I think you need to hang in their and see it through to month's end. In this financing climate it is possible that you would run into the same delays if you were to choose to cancel this deal and go with another buyer.
Just make sure that when and if you do close you let the lender know whether its on social media or in any other outlet of your terrible experience.
Hang in there!
Hayden Rowe Properties
It will all work out in the end.
We all have war stories.
Never Ever Bank of Clearwater FL forced a seller into bankruptcy because they reigned on their financing commitment.
Currently P&C is holding up a sale for 5 Weeks because, in their words. the appraising company and the appraiser are making continuous 'corrections' on the report!!!!!
Through out your situation, and those that are shared above. the only face folks see is that of the real estate professional. There are seven other parties in a real estate transaction that can kill the deal. Again, the only face you see is that of the real estate professional.
You are wrong is fixing blame on your agent.
Let me ask, "Did you use the lender your agent recommended?"
Without knowing your timeline, suggestions are hard to present. But you most definitely need to have a Plan B, a back up plan in place if this continues. It is always helpful to identify the lender who is causing the problem. Otherwise, other consumers will enjoy the same experience you are having. Exposure is the ONLY accountability a citizen can impose on a bank. Be factual.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
If you refuse to extend the closing date the contract, depending on how it was drafted, will likely terminate.
If you don't sign the continuation, then your contract expires once the last financing deadline is reached. In that case, the sale will definitely fall through and you'll have to start again.
As for what the Realtor should be doing, I don't know which side you're referred to, but given the way the incentives are structured, both Realtors should be doing everything in their limited capacity to move the financing forward to get the deal closed.