What a headache for you Donna! Some mortgage brokers just don't have any respect for sellers. They just don't care how much they put people out. Our new contracts in Georgia prevent this kind of stuff from happening. They now have a financing contingency period, basically after that period expires they have to close with a loan or cash on the set date of closing or they lose their earnest money. It has really put some pressure on the lenders to get their job done. It has eliminated alot of drama that I had in my life.

Oh yes, the trials and tribulations of real estate. What to believe or not believe. Sounds like the buyer may have some credit issues to deal with...hopefully all can be put together so you can go onto the next one. Best of luck! - Carla

Mary, Texas also added this last year, but it hasn't changed the lender's way of thinking.  They don't really care if the buyer then loses their earnest money.  I'm in that boat right now.  He's way passed his financing period so we can easily take his $1000 earnest. However, the seller is getting $100 per day since April 18 until it closes, so if it closes by the new date of May 9, that's $2100 in his pocket instead of $1000... we go in circles about just taking the $1000, but the new extension also allows the seller to show the house again and if a contract is accepted, the current buyer has 3 days to close or the contract terminates and he still loses the earnest money.

Carla, Yes, I believe he has credit issues, which is why he needs to talk with my lender since he won't waive his confidentiality about his credit.  At least my lender will give me a straight yes or no without going into details.

Now I understand why some sellers and agent request direct lender. Some mortgage brokers just don't care about the date written on the contract with the market condition is becoming hard to get straightforward answer from some mortgage brokers

Sorry, but it sounds like some sellers' agents need to be snapped back into reality about the "pool" they are swimming in...

If your "buyer" doesn't appear to be qualified, or if his broker doesn't seem to "care about your seller" and the injustice they and their sellers have to suffer over possibly unqualified buyers... pick up your bucket and shovel and take your blanket to a different poolside, where all the swimmers in the pool have 700+ beacon scores and tons of their own $$$ in the bank and stop expecting miracles from mortgage brokers to turn sows' ears into silk purses...

And I actually don't see much praise anywhere for the mortgage broker who is able to turn that stinkin' sow's ear into the proverbial silk purse when it happens and gets that seller and his agent his or her paycheck...

Hi, Donna,

Sorry to hear about the tribulations of this deal.  It does seem that many buyers are taking more time to get to the table due to lender hassles these days.  Maybe your seller is looking at the buyer under contract as a bird in the hand.

Dan

You're right, it's a contract not just a good idea. I don't get the problem with the broken ankle.  I don't mean to sound cold, but isn't that a trip to the emergency room, a cast and a pair of crutches? With computers and a cell phone, she could probably work from home. This is a perfect example of working for the money rather than the client.

Keji, Getting straight answers is like pulling teeth.  We're not even requiring the buyer to use my lender, just to have his credit pulled and allow it to be looked at so we know what we're dealing with.

Robbie, That was a very rude response you made.  I'm not looking for my next paycheck, as I have plenty of those coming in monthly. I'm ranked third year to date in my office of over 100 agents, and I have a 5 month old, so don't tell me I'm chasing a paycheck.  This is not "my" buyer.  I have the seller.  The buyer keeps being told he's "approved" for a loan, but the lender can't seem to get us proof.  I'm asking for proof, and since the buyer doesn't want to show proof from his lender, I want proof from my lender.  I represent the seller, and in order for my seller to get his paycheck, I need to do everything in my power to get as much information as I can.

Dan, But lender hassels are fairly minimal if you have the credit to support being approved for a loan.  I think this lender is just trying to save face with her friend's son, the buyer, but doesn't have the heart to tell  him he doesn't qualify for a loan, so they're leaving my seller with no answers...

Peter, Exactly!!!  I don't understand the broken ankle and not being able to work either.  I listed a house 2 hours after giving birth, and also showed houses to two buyers the next week, and had 2 listing appts... I shouldn't have been working, but I was.  a 1 week old sleeps and doesn't remember that I was working and not watching her breathe.  The buyers' agent said I was "cold and heartless".  Get over it, this is business.

Donna.  Please learn from my mistakes over the last thousand years.  NEVER EVER EVER recommend a client extend a contract without increasing NON REFUNDABLE earnest money and putting in language that makes it easier for the seller to collect without further notification from the buyers.

Robbie.  Huh?  Not to put words in Donna's mouth but I'm pretty sure she wasn't "expecting miracles" from the mortgage broker, just the expectation that the mortgage broker would do what she said she was going to do.  And for an attorney, I guess I'm surprised you would be on board for anything other than everyone being held to the legally binding provisions of the contract - especially when one party's failure to do so is to the pecuniary detriment of another!  Praise for the mortgage broker for getting sellers and agents their paychecks?  What goofy planet do you live on?  Don't the mortgage brokers in East Tennessee get paid for originating loans or do they do them all out of the goodness of their own hearts?

Leonard, Believe me, I TRIED so freakin' hard to get the seller to ask for more earnest money, non-refundable, and other things to help recoup his expenses, and since the Buyer called her friend who called her friend who called my seller's daughter to call me to plead their story, though I have no empathy for them, the seller gave in.  In the end, it's not my decision, it's the seller's, and since the buyers took a junior high approach to get their way, the seller found it best to just give in, but to continue to show the house to receive other potential offers.  Donna not happy, but Donna not making the mortgage payment either.

Donna.  Oh, I know you tried, you don't miss stuff like that.  Hey, if it doesn't close, at least you personally made $500 for your troubles!  Christina's on you?

Leonard

Donna - you're over due for a smooth, drama free transaction! Hang in there, I know you'll get this one closed.

Leonard, $500?  I'm gonna get nothing... I feel so bad for this seller, he's going to get the entire earnest money check if it comes down to it.  I sold his daughter's house last year, so this was referral based, and I hope to get more referrals from them as well... Cristina's sounds great.  When next week are you available?

Donna, I'm constantly amazed at the things buyers let get in the way of meeting contract deadlines - not my buyers, of course!  

And it's like that scene in the movie "As Good As It Gets", where Helen Hunt's mother screams at her "We all just want a normal relationship!  There's no such thing!"   

Patricia, Oh, of course it doesn't happen with MY buyers either!!  And the buyer hasn't called my lender to get his credit pulled, and we currently do not have a valid executed contract because of that, but there is a new lender in the middle who is confused as hell, and we'll just see what happens.

Donna... you poor thing!  You get my vote for Drama Queen and I hope you get your drama-free transaction (although I will miss the stories)! 

LOL... This diet has me nuts... I swear I typed Drama Queen above and somehow my fingers spelled Dairy Queen... I could sure go for a dipped cone! :)