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Old 06-15-2011, 06:21 PM
 
Location: Pinal County, Arizona
25,100 posts, read 23,621,261 times
Reputation: 4805
From the information given, IMO the seller is under NO OBLIGATION to extend the COE date.

Sorry
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Old 06-15-2011, 06:23 PM
Status: "Saw Achmed, Walter and Jeff in La. "I Keel You"!" (set 3 days ago)
 
Location: Outside 1604
1,574 posts, read 1,305,134 times
Reputation: 2489
[quote=Silverfall;19591126]This is a real estate culture thing. We already have time is of the essence clauses in our contracts. The seller has rights too. It isn't fair to the seller to drag things along with disorganized people.



The only time my clients have ever done this is when they are trying to blow the deal because we have a better buying waiting. That may be the case here. You need to chat with a local real estate attorney about whether or not you have any course of action.

It sounds like you picked a bad loan officer. If this was your agent's referral, I would be having a serious chat with your agent about recommending someone that blows deadlines.[/quote]


What recourse would the buyer have because of the lying and bad time management skills of the loan officer or financial institution? If I could lose, or actually do lose, the "house of my dreams", or the house it took me months or years to find, because of a supposed professional's dereliction of duty, plus lying to me that all was well, I'd lose it myself. This is the type of crap that causes people to hit rage mode. How does one NOT pick a bad loan officer, since this is a once in a while business dealing for most people?
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Old 06-15-2011, 07:10 PM
 
Location: Austin, TX
398 posts, read 1,033,362 times
Reputation: 349
Quote:
Originally Posted by Michigan Transplant View Post
What recourse would the buyer have because of the lying and bad time management skills of the loan officer or financial institution? If I could lose, or actually do lose, the "house of my dreams", or the house it took me months or years to find, because of a supposed professional's dereliction of duty, plus lying to me that all was well, I'd lose it myself. This is the type of crap that causes people to hit rage mode. How does one NOT pick a bad loan officer, since this is a once in a while business dealing for most people?
I think, unfortunately, you'd be totally out of luck. All a loan officer can do is promise to do their best to get you the loan. They never promise, or sign an agreement saying, they will get you the loan. If it falls through it could be their own ineptitude or something beyond their control... proving which of those two it was would be very difficult.

In fact, this happened to me just one month ago. My initial LO said everything was totally on track for the month leading up to closing. One week before closing, "Sorry, we can't help you." Rage mode was engaged. I ran to my backup LO who was absolutely stellar, delayed closing three weeks, and closed the deal on the 1st.

There really wasn't any obvious way for me to know the 1st LO would drop the ball. I think this is why personal recommendations and online reviews are so helpful. This is especially true if your loan application deviates in any way from the ideal, which nowadays, includes most.
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Old 06-15-2011, 07:24 PM
 
Location: Over There
402 posts, read 603,787 times
Reputation: 725
Cool Read your contract very carefully.

Quote:
Originally Posted by Callesna View Post
. . . Our loan officer . . . only started processing our loan the week before our closing date. . . .

Our realtor sent over a contract to extend closing for an additional 5 days. . . . Now the other realtor is stating that they don't want to sign the extension. . . .

Do we have any course of action? We don't want to lose our earnest money because of someone else!
Start by reading your sales contract VERY CAFEFULLY. Your realtor's wording MAY protect you in these types of situations.

Have you talked to your realtor and your loan officer about this?

If the other realtor doesn't want the extension, there may be another buyer waiting with a better back-up offer.
In this case, I would hope that they would be willing to refund your depost/earnest money because they are still making a sale.

Good Luck!

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Old 06-15-2011, 10:48 PM
 
Location: Salem, OR
10,797 posts, read 17,758,087 times
Reputation: 6646
[quote=Michigan Transplant;19608154]
Quote:
Originally Posted by Silverfall View Post
This is a real estate culture thing. We already have time is of the essence clauses in our contracts. The seller has rights too. It isn't fair to the seller to drag things along with disorganized people.



The only time my clients have ever done this is when they are trying to blow the deal because we have a better buying waiting. That may be the case here. You need to chat with a local real estate attorney about whether or not you have any course of action.

It sounds like you picked a bad loan officer. If this was your agent's referral, I would be having a serious chat with your agent about recommending someone that blows deadlines.[/quote]


What recourse would the buyer have because of the lying and bad time management skills of the loan officer or financial institution? If I could lose, or actually do lose, the "house of my dreams", or the house it took me months or years to find, because of a supposed professional's dereliction of duty, plus lying to me that all was well, I'd lose it myself. This is the type of crap that causes people to hit rage mode. How does one NOT pick a bad loan officer, since this is a once in a while business dealing for most people?
Did your agent refer this loan officer to you?
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Old 11-14-2011, 06:20 PM
 
121 posts, read 187,048 times
Reputation: 69
I'm under contract to buy a place ...and there is potentially an issue with an extension. But I'm not sure.

This is how it went:

My offer had a financing contingency that my own realtor put in there. Saying I had to have a committment letter from lender by 11/9.

That the closing would be 11/30

The seller later wanted to change the closing to 12/15. I agreed. This new closing was not reflected on the offer, but it was reflected on the Purchase and Sales agreement.

My realtor's coworker called me on 11/9 to tell me my realtor was in the hospital and was out for a few days. I tried to ask her if all was well with my transaction and she said she'd look into it. Didn't hear back, emailed her and her assistant got back to me.

Her assistant said we could apply for an extension if the loan officer wouldn't provide a letter. He said it was too soon to provide one for a 12/15 closing. He wouldn't give the letter so we put together a request for extension for 11/30.

Talked to my realtor on Sunday (she's home recovering) and she was ranting and raving about how the loan guy should've given me a letter. I think she is still mad at me for not choosing to go with her loan broker guy.

Anyhow, ...here I am, waiting to hear back from the seller's attorney about the extension.

What do you think? Should I start to kiss my 10K deposit and house good bye? I'm prepared....maybe that's the way it goes sometimes.
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Old 11-14-2011, 10:05 PM
 
Location: NJ
17,580 posts, read 19,413,481 times
Reputation: 15360
What does your contract say about the deposit? I know in the houses I have bought if the financing didn't happen I would get my deposit back.
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Old 11-14-2011, 10:13 PM
 
Location: Orlando
7,894 posts, read 6,745,794 times
Reputation: 3662
You might want to contact RP funding. They can do loans in 10-14 days. I don't like pointing you to another lender but if yours is dropping the ball. your best recourse may be to find someone that can get the job done.
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Old 11-15-2011, 02:03 AM
 
121 posts, read 187,048 times
Reputation: 69
I'm not sure if a different lender will work at this point - I will call later and see what is up with mine.

My lender has retained the law firm for closing, ordered title (will be done this week), did appraisal - all of this I will be paying for regardless for this transaction plus more maybe even if the buyer backs out.

This is a condo - many of the lenders I contacted wanted 20-25% down, I only have 10%. I guess the condo route takes a few extra steps for them? Dealing with the association, their budget, their litigation if any, etc.

I will call later today to see.

The deposit - I don't know, it's unclear. My agent gave me a veiled threat ("I've only had a client lose their deposit once, but it can happen") when I was getting the heavy push by her to use her mortgage broker. She would say "you're free to choose a broker, but Joe is the best around". ...I have to tell you, Joe was shifty. You should've seen what he was trying to pass as a good faith estimate.

So I went this other route - with an "upfront mortgage lender". They don't work for profits in the same way many brokers do, so maybe that's why he isn't in any hurry.
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Old 11-15-2011, 11:48 AM
 
1,283 posts, read 2,390,536 times
Reputation: 680
I'm confused, you should be dealing with your lender directly. he shouldn't be telling you its "too soon"for a 12/15 closing, they should be providing it to you as soon as they can, as long as you gave them enough time. Per your contract your supposed to provide it, assuming he's gone through their processes he should be able to provide it.

I'd call your attorney and ask them what do do in this situation. Either A) extend the commitment date, or B) hound the lender.

generally it comes down to what the contract says, but with a normal financing contingency you don't lose your deposit, you basically are out of contract if you can't secure financing.
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