Posted by Vic on June 28, 2003 at 19:46:01:
I don’t get it. You come on this board loooking for help, then when someone tells it to you like it is, you get all defensive. Why ask in the first place, if you don’t want to hear the answer?
Let me address your response one more time.
You say you monitored it. Did you call the title company & say - Mr. tilte co. this loan is scheduled to close on such & such a date - do you have in your possession all of the documents from the lender to close on that day? Yes you do - OK good! No you don’t - uh oh, red flag! I doubt that the title company would not have lied to you about this. If you monitored this just with the lender only, then of course the lender would say whatever not to lose the loan.
Your conditional loan approval form means nothing. Suppose your buyer thought they could get a loan without having to sell their house? Suppose the buyers thought they were going to keep the house & rent it out, but later changed their minds? The conditonal loan form is only if the buyer wants his offer contingent upon selling his house first. Period! IF the deal doesn’t close on time, then you’ll could have walked away. Sure it would have been nice if they gave you that form, but it certainly isn’t required. It’s only required IF they want their purch. agmt. contingent on selling their house. If they lied to you about this, then you shouldn’t have given them an extension in the first place.
You say you’ve been in the business 10 years huh? And you haven’t seen ayone close a month late, huh? Well maybe everyone in your city does exactly what they say when they say. But if you think these things don’t happen all the time, then you are very naive. Sales are constantly pushed back a week or two or even a month sometimes for a whole variety of reasons, esepcially with some lenders taking up to 2 weeks right now to underwrite a file. Granted, most should close on time, but you will always have a few be pushed back as much as a month. You see, you just had one. Guess what, you’re going to have others too. Get over it!!! It happens!!
You’re right Kristy - most contracts state “time is of the essence”. And when they don’t perform on time, you go find another buyer if that’s what your seller wants to do.
I get the feeling you’re trying to be this “perfect” real estate agent. Let me tell you, that’s almost impossible to do. There are just too many things outside of your direct control. IF you want to beat your head against the wall evertime something outside of your control goes wrong, then be my guest. But coming on here & compalining about it isn’t going to solve anthing, especially when you don’t want to hear the answer.