Loan not processed in time due to Bank/Title

[TommyR1]

What is the name of your state (only U.S. law)? Louisiana

Dear Forum,

I contacted Wells Fargo California in June to open a loan to purchase a commercial property as an investment in Louisiana. They collected my information and said that they could process the loan for the state of Louisiana. I had a solid close by date due to the sellers leaving town; if the property is not sold by then, the deal will not go through. I paid for an appraisal and title search up front. The bank said that it was their policy to have the buyer pay for these up front.

Turns out that the loan did not go through because we found out last minute that two things did not happen. The title company forgot to do something and also the legal review was done last minute and said that there was an issue with the documents.

So now, I am not able to buy this commercial building, and I am out monies that I paid up front for services.

What do you suggest I do?

[JETX]

Originally Posted by TommyR1

What do you suggest I do?

Try to renegotiate on the property... or look for another.

[TommyR1]

Okay, well I was actually wondering if you think that I could get my money back for my expenses because the bank/title company, IMO, was at fault.

[HomeGuru]

Originally Posted by TommyR1

Okay, well I was actually wondering if you think that I could get my money back for my expenses because the bank/title company, IMO, was at fault.

**A: the answer is probably not.