That's my question. I interpreted the OP to say the lender couldn't get to closing by the original date set forth in the cash contract...indicating they are not as far behind the curve as some may believe. Maybe I am reading it incorrectly.

**** your builder!!!! He is a flipping moron if he wants to walk, take your earnest and restart the process. I would offer to make him whole on any proven interim interest and advise him politely that if he ****s with you, you will tie his property up so long the bank will sell you the house.....

Your agent needs to grow a set.

But be nice!!!!

RK said:

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That's my question. I interpreted the OP to say the lender couldn't get to closing by the original date set forth in the cash contract...indicating they are not as far behind the curve as some may believe. Maybe I am reading it incorrectly.

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You are correct. Bank is not at fault. they have been as quick as they can be. I am understanding that the lending regulations make this a 30 day+/- process no matter what.

This is a "change in financing method" problem brought on by me.

Another option is to pay cash and have the bank finish the loan as a refinance. That would incur more closing costs though

SteveBott said:

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Another option is to pay cash and have the bank finish the loan as a refinance. That would incur more closing costs though

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Cash is tied up in the existing house. Need it to sell first.

We do bridge loans and can close as quickly as 7 days in some cases as we use our own money. It would add costs of course so maybe not your solution but happy to speak with you about it.

Bridge loans

This wouldn't happen to be a Lennar home would it? Sounds like other horror stories I've heard

No.

I worked for a large builder for many years. Carrying costs on a home are around $100/day plus opportunity costs of releasing panels on new specs. If buyers signed a cash deal we gave them special pricing, and if those circumstances changed the expenses are given to the buyer.

Telling a builder to pound sand and threatening legal is terrible advice.

The builder just wants it closed quick. I would offer a lesser amount than $3k, or try additional earnest money applied to your downpayment. Expect them to bust your contract and keep all EM if you miss the extension.

Don't leave us hanging.

We paid $3k for a 20 day extension. My realtor is covering it. She feels like this is her fault. Closing will probably be March 30. More info after closing.

I am glad y'all got it worked out and that your realtor stepped up.

Long story, I'll tell more after closing.