Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 5, 2011 at 12:10pm

Why can't you close on the 24th ?  Is the loan underwritten?  Or, is the buyer just starting the process?

Permalink Reply by Mike Horton on January 5, 2011 at 5:24pm

Just a fun note. Submitting a bogus contract is not only an ethics violation but is considered as mortgage fraud per our association legal counsel. With WF I have had them issue an unreasonable date in one case we needed 10 additional days. The buyer decided to pay a per diem fee and considered it as a part of the deal. In another we had to do a restart. But this all really depends on who the investor is. If you find that out then you can determine their standard policy and possibly appeal directly to the investor if the WF negoiator won't.

Permalink Reply by Jeanne Dominguez on January 5, 2011 at 7:42pm

If it is a HUD backed loan (FHA) then maybe you can contact the HUD call center or help line? 877-622-8525

In the past I have had negotiators extend the closing date for files if it was a reasonable amount of time (10-14 days) due to buyer's lender delays. It does take a lot of "sweet talking" and being incredibly gracious to the negotiator. If that doesn't work and you cannot get a "yes", try going to a supervisorly level . Just don't give up :) Good luck!

Permalink Reply by Kathleen A. Scanlon, JD on January 6, 2011 at 8:44am

We were fully executed on December 27th - loan applications are not submitted with out a fully executed contract so I highly doubt we will be able to close by the 24th.  Banks aren't moving quickly these days.

Thom Colby said:

Why can't you close on the 24th ?  Is the loan underwritten?  Or, is the buyer just starting the process?

Permalink Reply by Kathleen A. Scanlon, JD on January 6, 2011 at 8:46am

I don't know that she even submitted a contract otherwise I agree.

 

I checked and Wells Fargo was the originator on this loan back in 2006 but I was very nice to the negotiator and explained the situation so she issued a new short sale acceptance letter. She said lets see what happens in the next 3 weeks and we can work on an extension.

Mike Horton said:

Just a fun note. Submitting a bogus contract is not only an ethics violation but is considered as mortgage fraud per our association legal counsel. With WF I have had them issue an unreasonable date in one case we needed 10 additional days. The buyer decided to pay a per diem fee and considered it as a part of the deal. In another we had to do a restart. But this all really depends on who the investor is. If you find that out then you can determine their standard policy and possibly appeal directly to the investor if the WF negoiator won't.

Permalink Reply by Jeff Payne on January 6, 2011 at 9:33am

Depending on the type of financing they are doing, closing by the 24th can easily happen. What type of financing is the buyer using.  Except for USDA and VA, we regularly close in that amount of time

Kathleen A. Scanlon, JD said:

We were fully executed on December 27th - loan applications are not submitted with out a fully executed contract so I highly doubt we will be able to close by the 24th.  Banks aren't moving quickly these days.

Thom Colby said:

Why can't you close on the 24th ?  Is the loan underwritten?  Or, is the buyer just starting the process?

Permalink Reply by Wendy Rulnick on January 6, 2011 at 11:23am

This is a scary example of how important it is to get an excellent short sale listing agent!