What is the name of your state (only U.S. law)? Texas
We were under contract to purchase a house and through the loan officer estimating a five day turn around in underwriting, our realtor came up with a closing date of February 11th. When Friday the 6th came and went with no answer from the lender we revised our contract closing date (which upset the sellers) to the 19th, with a verbal guarantee from the loan officer that there would be absolutely no issue getting the approval back by the 13th in order to close on time. Once again, the 13th came and went. With the advice of our realtor we revised the date again to the middle of march, but the seller refused to extend the closing date and we are now no longer under contract. We have lost a total of $1,525.00 (with a very slight possibility of recouping our $1,000.00 earnest money). We feel that it was no fault of our own that the lenders kept dragging out the date. There was no extra information asked of us, and when our loan officer called to check on it after it had gone a week past the first expected date she was told it was, "sitting in a stack of applications on someone's desk." Would we be able to take the mortgage company to small claims court? They knew our contract closing date and were completely negligent in even attempting to get it done in time.
We were under contract to purchase a house and through the loan officer estimating a five day turn around in underwriting, our realtor came up with a closing date of February 11th. When Friday the 6th came and went with no answer from the lender we revised our contract closing date (which upset the sellers) to the 19th, with a verbal guarantee from the loan officer that there would be absolutely no issue getting the approval back by the 13th in order to close on time. Once again, the 13th came and went. With the advice of our realtor we revised the date again to the middle of march, but the seller refused to extend the closing date and we are now no longer under contract. We have lost a total of $1,525.00 (with a very slight possibility of recouping our $1,000.00 earnest money). We feel that it was no fault of our own that the lenders kept dragging out the date. There was no extra information asked of us, and when our loan officer called to check on it after it had gone a week past the first expected date she was told it was, "sitting in a stack of applications on someone's desk." Would we be able to take the mortgage company to small claims court? They knew our contract closing date and were completely negligent in even attempting to get it done in time.