Please Help a Desperate Buyer!!

Okay, I have had many different posts on here and I know that the buyer can do nothing! This is one more shout and pray for hope though.

We first put in our offer back in January.

Our deal was near the end, we received the written approval in April and needed to close by June.

Unfortunately, my mortgage went into desk review and we JUST missed the extension deadline. The shortsale was declined and we had to resubmit EVERYTHING. ( As luck would have it about an hour later my mortgage was approved. )

We resubmitted it all on June 28th. I was told that it should take 30 days for an approval.

The BPO has been done again and everything is in. Just waiting on the approval now.

So here we go. My mortgage has been extended till FRIDAY.

The listing agent hired the sellers nephew as the "negotiator" for the shortsale. He knows the ins and outs of shortsales and has been very responsive. He has submitted everything and kept in close contact with everyone over the past 8 months.

About a week ago he stated that there is no way we can close by the 6th. No explanation though.

For a week now he won't answer any phone calls. (From the listing agent, selling agent, attorney, or myself. )

Again I'm begging someone that has gotten somewhere as a buyer! IS THERE ANYTHING WE CAN DO???

At this point ... the man we need to hear from is ignoring us.

He is the only one with the case #.

Replies

Vicki August 10, 2010 at 11:59am

I got word that the investor now wants 15K more than when we submitted last time. This is what seems to be holding up the process.
Our appraisal matched our original asking price. We would never be able to get a mortgage for 15K more!

They said that they are trying to negotiate it.
Does anyone have experience with this?
Wendy Rulnick August 4, 2010 at 1:05am

Vicki - Your mortgage lender may extend your mortgage approval- are you concerned about a rate lock? Since the negotiator has been very responsive all along, is he out of town? Or perhaps he is getting numerous calls a day from the agents, etc., and responding to all those calls can be time-consuming. I suggest your agent check in with the negotiator once a week in all fairness. If your first offer took three months to approve, (January submission and April approval), it might take that long this time, unfortunately, since that short sale lender started all over again.

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