1st with GMAC, 2nd with Wells Fargo. Been working on this file for a year. Had approval on 1st to close March 1st and approval on 2nd approved for $5000, needed $6000 but needed extension on first thru 3.12.12. They asked for $6,900 more net to them for extension and increasing 2nd to $6000. We submitted new HUD on 2/14/12 and still have not heard anything. Now we need more time because they are not responding to us. I have emailed and called negotiators, supervisors, etc. and have not heard back. Negotiator was switch out last week. She said she would have something last Wednesday. Received nothing. Equator Library is full. Anybody know how to clear out. Requested negotiator to do a week ago. Don't know what else to do. Buyer has been waiting since August.
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1st(GMAC) approved $5000 to 2nd Wells Fargo, 2nd wanted $6,000 so need another $1000 from the 1st. The negotiator on the first said to get $6000 to second and extend 12 days the 1st would need to net $6900 more than approval. The buyer needs 30 days to get loan. It seemed crazy they would need that much to extend.
Libby - What does "needed $6000" mean? Who is the "they" that asked for $6900 "more", and what does "increasing 2nd" to $6000 mean? The buyer couldn't make the March 1 closing, so you are running into whatever this is for a 12 day extension? Clarify for all.