Have you ever had a loan officer change the financing on your contract? I recently had an offer with a large cash down payment and the balance was to be paid by a conventional mortgage. I kept in touch with the loan officer to make sure the appraisal was in and we were going to be closing on time. She kept assuring me everything was on schedule and she did not see a problem closing by the date on the contract. Two days before the closing I called to see if we had a time for the closing and she told me the bridge loan has not closed and once it closed we would have to wait another 3 days before we could close. There was nothing on the contract about a bridge loan but she thought that would be a better way for the buyer to finance their home. The buyer was in breach of contract, the closing was two weeks late and the seller was furious. What would you do??
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