What to do when you are under the gun with a short sale lender and the buyers lender is delaying closing

What on earth can I do?. The listing agent and I have gotton everything in place to close on this short sale. However, the buyers lender, Wells Fargo has delayed our closing 3 times now. We have had to go back to both the sellers HOA and the short sale lender asking for more time to close because of Wells Fargo not being ready. I have talked to the loan officer, his boss, the loan processor and the bosses boss. They all give me bs excuses and now today everything with our short sale has expired. The buyer has called them, the listing agent has called them and I have called them until we are blue in the face. Chase, the short sale lender said that because we have asked them 3 different times to give us an extension we will get no more and its over as of midnight today. What more can I do to help me poor buyers who are stressed out of their minds with worry.

Replies

Bryant Tutas September 20, 2010 at 2:41pm

Julie. I'm surprised Chase gave you 3 extension. Not much you can do at this point unless you have a clear to close. Buyers need to be ready to close within 30 days of short sale acceptance. If the seller is willing you may just need to resubmit. As a listing agent I'd be very concerned about a buyer and their financing if they couldn't close with 3 extensions. Yank the deal from WF and get a better lender.

This reply was deleted.