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puccinismum2…, Home Buyer in Montgomery, TX

We have been waiting to close on our house now for over three weeks, the buyers bank has been dragging on , giving one flimsy excuse after another,

Asked by puccinismum2000, Montgomery, TX Thu Dec 6, 2012

We ve signed 2 continuances with the realtor for 7 days at a time, hoping he would get things done, he's been anything but helpful, competent, and yes I've called the office manager with my concerns, we have 3900 miles to relocate and it's reaching distastrous for this to be going on this long, if we do not sign the continuation, will the sale still go through, the realtor has done nothing to help the situation?

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Answers

7
I am dealing with a similar situation as is alot of others I talk to these days. It is very frustrating that the banks are not more accountable for hitting deadlines when it comes to purchases. It seeems as though they have lost the customer service portion of their product due to the high volume of loans coming through.

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!

Peter Edwards
Hayden Rowe Properties
http://www.hrpre.com
1 vote Thank Flag Link Fri Dec 7, 2012
Stay strong and remember the goal of selling your house. It can be frustrating when things get delayed and do not go well. To start over could cost you months. Do what is necessary to close the house.
0 votes Thank Flag Link Tue Jun 9, 2015
You can refuse to sign the extension and you may able to keep their desposit or not depending. Or you can just sit and wait. You can put the home back on taking back up offers....that is what I would before you agree to sign another extension.

It will all work out in the end.
0 votes Thank Flag Link Fri Dec 7, 2012
Peter nailed it, "the banks are not more accountable for hitting deadlines" (tu)
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
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Dec 7, 2012
My guess is that it is very unlikely the loan will close. There is obviously a problem and you're not being told what that problem is for a reason. If the buyer wants another continuation, at a minimum you should ask for additional, non-refundable earnest money. If the buyer refuses...it's because they know it won't close.

If you refuse to extend the closing date the contract, depending on how it was drafted, will likely terminate.
0 votes Thank Flag Link Fri Dec 7, 2012
Thank you miss Lam, yes the buyer is just as frustrated! I've made more phone calls to the lender than the realtor we have, and managed to budge them a little, I'm sensing the underwriters at the bank are very inexperienced and overwhelmed, just frustrating the realtor isn't working as much as he could, expressing the needs of our sale , for the amount of money he will receive,
0 votes Thank Flag Link Fri Dec 7, 2012
Unfortunately, it's impossible to answer your question given the uncertainties surrounding lending today. What you've described is rather common, since buyers are facing some of the tightest underwriting standards in a generation. They're probably just as frustrated as you but they're at the mercy of the lender.

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.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Dec 7, 2012
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