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Rainmaker
4,110,347
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Don't know enough about the situation to really comment. Why not change lenders? They can transfer the file to the next lender and you can probably get it closed quickly. I've had that done.

Mar 19, 2019 04:16 AM
Rainmaker
4,038,074
Richard Weeks
Dallas, TX
REALTOR®, Broker

Clients decision.  

Mar 19, 2019 04:43 AM
Rainmaker
3,329,752
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I never pull the plug, that is the clients decision and usually with a lender issue, the client is in knee deep and easier to solve it than start over

Mar 19, 2019 05:30 AM
Ambassador
5,402,673
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Time to require a new lender before the next extension.

Mar 19, 2019 04:44 AM
Rainmaker
849,280
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

When that happens, it's usually never going to close. Lender probably never did a complete pre-approval process at the start.

Mar 19, 2019 04:16 AM
Rainmaker
990,505
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Depends on what the seller wants to do and the reason for the delays. I just had one where the buyer told the 1st bank to pound sand after too many delays. 

Mar 19, 2019 06:46 AM
Rainmaker
1,639,426
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

As Richard Weeks wrote. I do understand your frustration though

Mar 19, 2019 06:23 AM
Rainmaker
1,897,541
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I never pulled the plug Peter Mohylsky, SoWal Is HOME. I left that up to the party I was representing.

Mar 19, 2019 05:35 AM
Rainmaker
1,596,586
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

I hope you have closing after that one extension.

Mar 19, 2019 07:14 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

It is a group decision.

Mar 19, 2019 06:32 AM
Rainmaker
4,204,139
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Too many unknown factors to provide a definitive decision. Use your experience and gut feeling to do what is best for your customer. Good luck!

Mar 19, 2019 05:27 AM
Rainmaker
5,571,804
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

is it your buyer or seller?  is it a seller's market where you are? details matter....

Mar 19, 2019 05:24 AM
Rainmaker
1,722,200
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

It depends. What is your gutt feeling on the LO? If you have no faith in him, blow the deal up. In IL, we used to have the ability to go find the buyer new financing if the old mortgage company is not working out.

Mar 19, 2019 05:07 AM
Rainmaker
2,062,514
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Last year we pulled the plug after 3rd extension. Seller's broker cursed us as a drunk sailor. 

This year same buyers got the mortgage and bought better and bigger condo. Boy, I was afraid they will chose the property listed by that broker. :)

Mar 19, 2019 07:31 PM
Rainmaker
1,916,199
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

That's frustrating, good luck to you. 

Mar 19, 2019 06:10 PM
Ambassador
3,053,961
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Not enough information to comment.  

Mar 19, 2019 09:46 AM
Ambassador
4,576,712
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I had buyers pull the plug on a lender (it's their choice) after all kinds of issues, promises, and delays, and pay cash. Fortunately they had it!

Mar 19, 2019 09:13 AM
Rainmaker
1,386,418
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

After the first or at most the second, I'd have the buyer dual track with another lender, one I trust and can perform.   Done that a few times.

Mar 19, 2019 07:52 AM
Rainmaker
468,799
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Buyer side or seller side??? If your on the Seller side, simply ask the buyer side to "buy" the extension and make it high enough to give your seller some compensation for the frustration and delay.

Buyer side, I'd figure it out as long as the clients are willing and doing their part to make it go right, I'm in there with them. I do have a couple of make it go right lenders that salvage deals for me when others couldn't get it done for one reason or another. Find out specifically what is the problem with the current lender and either solve that problem or find a lender that can do it. I have found that it's all in the packaging of the loan and the loan officer's knowledge of what their underwriting department will be looking for.  Once we did have to rewrite a P&S and move the buyer's EM back into their bank account and give the seller a Promissory Note rather than cash for the EM but we were able to get the seller to go along and the buyer than had sufficient reserves for the loan and we got it closed.

Mar 19, 2019 07:27 AM
Rainmaker
1,227,636
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Details my man, need details. But I never have that issue with Jason E. Gordon in fact he cleans up other lenders messes for me on my listings. 

Mar 19, 2019 08:08 PM
Rainer
15,342
Erik Lilyquist
Allied First Bank, SB - Scottsdale, AZ
Mortgage Specialist, including the Reverse

As a lender who has been in this situation before,  a lot depends on what is not known in most instances.   I work for the buyer and therefore am limited to what can be said.  There are many times when a buyer isn't being helpful and getting me the information or documentation that is needed.   

 

I have also dealt with the "perfect" buyer who has great credit, has the pay stubs and W2's and tax returns etc all set. and there is nothing more than they want to close the loan, and if i need something I have it almost instantly.

 

Unfortunatley there are scenarios that are also beyond our control sometimes.   Your question is in the "vague" category as there is too much unknown.  Is it truly a "lender problem" or a "buyer" problem.? 

As a lender, who is paid on commission as well, I want that loan to close, for me, for you and for my buyers, I will do what i can and certainly don't want to waste anyone's time 

 

 

Mar 19, 2019 05:32 PM
Rainer
317,055
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Insist the buyers go to a mortgage banker you trust who can close in 8 days. 

Mar 19, 2019 05:08 PM
Rainmaker
187,033
Erika Rae Albert, Austin Real Estate Expert
E*Rae Realty - Austin, TX
Exceeding Expectations in Every Transaction

I'd have a serious discussion with your client about looking at new lenders.

Mar 19, 2019 02:16 PM
Rainmaker
5,580,492
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Agree with Nina Hollander 

Mar 19, 2019 12:18 PM
Rainmaker
2,640,892
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

No perfect world exists but we must strive for it none the less. Patience, fair-play, fiduciary and verification to ones satisfaction must take place. After all that, you will know and so will all involved as to "plug-pulling" as you put it

Mar 19, 2019 10:30 AM
Rainmaker
6,598,878
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You can always change lenders when that is the best option for your clients.

Mar 19, 2019 10:21 AM
Rainmaker
468,605
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

It may be that the buyers aren't cooperating with getting conditions cleared. If it is a case of it will close but no specific date yet, then keep going.

Mar 19, 2019 09:55 AM
Ambassador
952,722
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

I leave it up to the client. 

Mar 19, 2019 08:35 AM
Ambassador
4,253,646
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

It isn't really my decision but, I do suggest changing lenders and offer up one of my preferred lenders. Most buyers scan and email documents requested by the first lender - they're readily available, easy to forward and the process is easy-peasy to start over.

When the other agents listen to that advice and encourage their clients to start over, a good lender can get a deal done in 7-10 days.

I never give up!

Mar 19, 2019 09:22 PM
Rainmaker
821,277
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

We just try to work through it... lenders overpromise sometimes and often it's the borrower that doesn't provide all information in good time. 

Mar 19, 2019 01:09 PM
Rainmaker
4,934,337
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If I saw issues before the end, I would recommend changing.  Pretty hard to do at or near close date.

Mar 29, 2019 03:27 PM
Rainmaker
4,008,037
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I would not pull the plug but have a hard to hard with the lender and clients.

 

Mar 23, 2019 11:06 AM
Rainmaker
909,621
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am sure that you are the best judge in your current situation, Peter Mohylsky, SoWal Is HOME. 

We want to see a deal close. Sometimes it becomes obvious that is not going t  happen. Then, again, maybe, in a few more days, everyone will be happy...or at least relived.

Mar 20, 2019 02:53 PM
Rainmaker
557,004
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Objectively speaking (from a Lender's perspective), you're not giving us enough information to properly advise you. In fact, any advice you've received thus far should be taken with a grain of salt, because none of us know the specifics (for those of you who have already advised him to dump the current Lender, I hope you take note).

 

Hopefully, you have a Lender on speed dial whom you can trust. If so, perhaps you have him/her call the Lender working on this deal to determine what is really going on. Lenders can speak their own language to each other, know what specific questions to ask, and also know if someone is being ambiguous in their answers. Once "your trusted Lender" gives you feedback, pivot accordingly from there.

 

Thank you for tagging me in this question Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D 

Mar 20, 2019 09:23 AM