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stuck in a commitment ltr nightmare -vent (long, sorry)
I am on the verge of a serious breakdown! Let me fill you in: we signed the contract the end of Feb. with a potential closing date of Apr 15. (obviously that didn't happen). Our realtor is awful and she is representing the buyer as well, so it's double awful. We are selling our coop. unbeknownst to us, the buyer sent in her check for the appraisal over month ago, and nothing ever happened, we have been waiting and waiting and no commitment letter was given yet. The buyer kept calling the bank's broker to see how everything was going, and see where the commitment letter was and he kept telling her everything was moving right along. Our contract expired two weeks ago, and with no commitment letter, we extended the contract until today, because that's how long the bank asked for to give the buyer a commitment.
Turns out the bank's mortgage broker apparently stuck the check for the appraisal and the file in his drawer and was "yes'ing" our buyer that things were moving forward, meanwhile, that was not the case. We get a call from the realtor last week about all this, and she tells us that the darn broker got fired obviously for not doing his job and the appraisal was first going to happen Friday (which by the way was scheduled for 10am this past fri., the appraiser never showed up because....are you ready for this....he forgot!!! My realtor waited and waited and he never showed up because he forgot? I can't make this up! Eventually he came at 2pm.) So here we are with no commitment letter, can't look for a house or make plans to move forward with our lives because who even knows if this is happening or not and I just heard from the realtor today that the bank is saying that we won?t be getting our commitment letter today because the underwriting department is backed up - like that is our fault? The bank should be bending over backwards to right their wrong! So we will have to once again extend the contract and cross our fingers.
Has anyone else been through this nightmare? I know there are always bumps in the road but this is absolutely ridiculous. I?m terrified that this isn't going to work out at all and we will have to start all over again (for the 3rd time, mind you, this is our second buyer.)
Re: stuck in a commitment ltr nightmare -vent (long, sorry)
Why hasn't your buyer dropped this lender for another bank? This is ridiculous.
I don't understand why your realtor isn't doing more to move this along. She needs to get more involved. If I wanted to light a fire under my REA's butt or the butt of the buyers, I'd probably tell the REA that someone you know contacted you directly and expressed interest in purchasing, but they have their own realtor. If she wants the double commission she'll step it up.
Sorry you are going through this, it sounds absolutely ridiculous.
I agree with this. I'm wondering if maybe they had a hard time getting approved for the amount they wanted and this is the only bank they have. I got annoyed with a bank's lack of service during the pre-approval process and so we didn't even consider them for the final loan. I want my lender to be prompt answering my questions and servicing my loan.
Sorry you are dealing with this. It does sound like a nightmare!!
Wow I have had some bad situations in my real estate career but this one takes the cake. I can't believe the buyer isnt looking for a new bank! What I would say is that you should just try and relax and let the process play out. It sounds like the buyer is still committed to purchasing or they would have walked away and you are committed to selling or you would have walked away. That means that eventually the bank should come through and everyone can move ahead. That being said I would ask your realtor to have the buyers get on the phone and give the bank some serious grief.
The one thing that really is difficult is that many times the bank will not deal with your realtor. I have been a realtor for over 8 years and have contacted many banks for my clients. Typically they are good about giving me information and will have me help them get paperwork returned and that sort of thing, but as soon as something goes wrong on their end they say "sorry I can only deal with the borrower". It really is a difficult spot for the realtor in that case.
It's a shame that you got in a dual agency situation that you are not happy about. Typically that should be explained to you in the beginning of the process and you should have the chance to say you don't want to allow that. Best of luck hopefully this all works out soon!