5,116,528
Don't know enough about the situation to really comment. Why not change lenders? They can transfer the file to the next lender and you can probably get it closed quickly. I've had that done.
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Ron and Alexandra Seigel
Carpinteria, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
-
Sandy Padula & Norm Pa...
, CA
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Bob "RealMan" Timm
Minot, ND
-
Richard Weeks
Dallas, TX
4,906,660
Clients decision.
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Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
-
Sandy Padula & Norm Pa...
, CA
-
Bob "RealMan" Timm
Minot, ND
-
Candice A. Donofrio
Fort Mohave, AZ
3,416,038
I never pull the plug, that is the clients decision and usually with a lender issue, the client is in knee deep and easier to solve it than start over
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
JoAnn Moore
Georgetown, DE
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
6,424,817
Time to require a new lender before the next extension.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob Crane
Stevens Point, WI
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
914,098
When that happens, it's usually never going to close. Lender probably never did a complete pre-approval process at the start.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob Crane
Stevens Point, WI
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
1,202,572
Depends on what the seller wants to do and the reason for the delays. I just had one where the buyer told the 1st bank to pound sand after too many delays.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
1,728,767
As Richard Weeks wrote. I do understand your frustration though
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
2,402,637
I never pulled the plug Peter Mohylsky, SoWal Is HOME. I left that up to the party I was representing.
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Debe Maxwell, CRS
Charlotte, NC
-
JoAnn Moore
Georgetown, DE
-
Kathleen Daniels, Prob...
San Jose, CA
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
1,598,452
I hope you have closing after that one extension.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Dan & Laurie Pittsenba...
Bellingham, WA
1,712,876
It is a group decision.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
5,245,401
Too many unknown factors to provide a definitive decision. Use your experience and gut feeling to do what is best for your customer. Good luck!
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Dan & Laurie Pittsenba...
Bellingham, WA
-
Doug Dawes
Topsfield, MA
5,583,328
is it your buyer or seller? is it a seller's market where you are? details matter....
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Dan & Laurie Pittsenba...
Bellingham, WA
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Doug Dawes
Topsfield, MA
1,847,731
It depends. What is your gutt feeling on the LO? If you have no faith in him, blow the deal up. In IL, we used to have the ability to go find the buyer new financing if the old mortgage company is not working out.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Dan & Laurie Pittsenba...
Bellingham, WA
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Doug Dawes
Topsfield, MA
2,071,025
Last year we pulled the plug after 3rd extension. Seller's broker cursed us as a drunk sailor.
This year same buyers got the mortgage and bought better and bigger condo. Boy, I was afraid they will chose the property listed by that broker. :)
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
2,222,281
That's frustrating, good luck to you.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
3,350,589
Not enough information to comment.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
5,063,230
I had buyers pull the plug on a lender (it's their choice) after all kinds of issues, promises, and delays, and pay cash. Fortunately they had it!
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
1,506,923
After the first or at most the second, I'd have the buyer dual track with another lender, one I trust and can perform. Done that a few times.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
469,510
Buyer side or seller side??? If your on the Seller side, simply ask the buyer side to "buy" the extension and make it high enough to give your seller some compensation for the frustration and delay.
Buyer side, I'd figure it out as long as the clients are willing and doing their part to make it go right, I'm in there with them. I do have a couple of make it go right lenders that salvage deals for me when others couldn't get it done for one reason or another. Find out specifically what is the problem with the current lender and either solve that problem or find a lender that can do it. I have found that it's all in the packaging of the loan and the loan officer's knowledge of what their underwriting department will be looking for. Once we did have to rewrite a P&S and move the buyer's EM back into their bank account and give the seller a Promissory Note rather than cash for the EM but we were able to get the seller to go along and the buyer than had sufficient reserves for the loan and we got it closed.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,554,939
Details my man, need details. But I never have that issue with Jason E. Gordon in fact he cleans up other lenders messes for me on my listings.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
15,342
As a lender who has been in this situation before, a lot depends on what is not known in most instances. I work for the buyer and therefore am limited to what can be said. There are many times when a buyer isn't being helpful and getting me the information or documentation that is needed.
I have also dealt with the "perfect" buyer who has great credit, has the pay stubs and W2's and tax returns etc all set. and there is nothing more than they want to close the loan, and if i need something I have it almost instantly.
Unfortunatley there are scenarios that are also beyond our control sometimes. Your question is in the "vague" category as there is too much unknown. Is it truly a "lender problem" or a "buyer" problem.?
As a lender, who is paid on commission as well, I want that loan to close, for me, for you and for my buyers, I will do what i can and certainly don't want to waste anyone's time
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
420,003
Insist the buyers go to a mortgage banker you trust who can close in 8 days.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
191,939
I'd have a serious discussion with your client about looking at new lenders.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
5,773,239
Agree with Nina Hollander
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Bob "RealMan" Timm
Minot, ND
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Nina Hollander, Broker
Charlotte, NC
2,785,456
No perfect world exists but we must strive for it none the less. Patience, fair-play, fiduciary and verification to ones satisfaction must take place. After all that, you will know and so will all involved as to "plug-pulling" as you put it
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
7,870,816
You can always change lenders when that is the best option for your clients.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
472,114
It may be that the buyers aren't cooperating with getting conditions cleared. If it is a case of it will close but no specific date yet, then keep going.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
971,183
I leave it up to the client.
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
5,258,239
It isn't really my decision but, I do suggest changing lenders and offer up one of my preferred lenders. Most buyers scan and email documents requested by the first lender - they're readily available, easy to forward and the process is easy-peasy to start over.
When the other agents listen to that advice and encourage their clients to start over, a good lender can get a deal done in 7-10 days.
I never give up!
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Bob "RealMan" Timm
Minot, ND
902,428
We just try to work through it... lenders overpromise sometimes and often it's the borrower that doesn't provide all information in good time.
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Bob "RealMan" Timm
Minot, ND
5,879,676
If I saw issues before the end, I would recommend changing. Pretty hard to do at or near close date.
4,967,093
I would not pull the plug but have a hard to hard with the lender and clients.
1,325,924
I am sure that you are the best judge in your current situation, Peter Mohylsky, SoWal Is HOME.
We want to see a deal close. Sometimes it becomes obvious that is not going t happen. Then, again, maybe, in a few more days, everyone will be happy...or at least relived.
636,627
Objectively speaking (from a Lender's perspective), you're not giving us enough information to properly advise you. In fact, any advice you've received thus far should be taken with a grain of salt, because none of us know the specifics (for those of you who have already advised him to dump the current Lender, I hope you take note).
Hopefully, you have a Lender on speed dial whom you can trust. If so, perhaps you have him/her call the Lender working on this deal to determine what is really going on. Lenders can speak their own language to each other, know what specific questions to ask, and also know if someone is being ambiguous in their answers. Once "your trusted Lender" gives you feedback, pivot accordingly from there.
Thank you for tagging me in this question Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D