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Buyers having "financing" issues - delaying closing

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T

taycourt

Guest
What is the name of your state? Minnesota

We have a fully signed purchase agreement signed in the end of June with a closing date selected by the buyers of August 27th. In our purchase agreement we stated that the buyer had to be throught the underwriting phase for their mortgage by July 31st. In addition, at the time of signing the p.a. they had a letter from thier lender stating they were qualified for the required mortgage. According to our agent, all paperwork was in order and filed.

On Friday, August 23 late in the afternoon the seller's agent notifies our agent that there is some issue with the lender and the closing will be delayed. Our agent is unable to talk get in touch with anyone until Monday, August 26 to find out the situation. We are notified less than 24 hours prior to the scheduled closing that it is delayed. Our agent has been talking directly to the buyer's lender and as of Wednesday afternoon the buyers have been fully approved but the lender can not schedule the closing until the buyers provide confirmation that 2 conditions have been met. It is now, late Friday, August 30th and we still no nothing. No one is returning calls to our agent or us and we don't know what our options are?? Should we be contacting a real estate attorney?? We are tired of having no control over the situation and feel like we are being taken advantage of...how should we proceed??
 


HomeGuru

Senior Member
taycourt said:
What is the name of your state? Minnesota

We have a fully signed purchase agreement signed in the end of June with a closing date selected by the buyers of August 27th. In our purchase agreement we stated that the buyer had to be throught the underwriting phase for their mortgage by July 31st. In addition, at the time of signing the p.a. they had a letter from thier lender stating they were qualified for the required mortgage. According to our agent, all paperwork was in order and filed.

On Friday, August 23 late in the afternoon the seller's agent notifies our agent that there is some issue with the lender and the closing will be delayed. Our agent is unable to talk get in touch with anyone until Monday, August 26 to find out the situation. We are notified less than 24 hours prior to the scheduled closing that it is delayed. Our agent has been talking directly to the buyer's lender and as of Wednesday afternoon the buyers have been fully approved but the lender can not schedule the closing until the buyers provide confirmation that 2 conditions have been met. It is now, late Friday, August 30th and we still no nothing. No one is returning calls to our agent or us and we don't know what our options are?? Should we be contacting a real estate attorney?? We are tired of having no control over the situation and feel like we are being taken advantage of...how should we proceed??
**A: confusing post.
Keep contacting your real estate agent.
 

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