What Do I Do About The Bank Not Answering?
My buyer missed the closing date because his bank was not ready. It's been one thing after another. Not to mention the fact that this has caused a hardship because we are now unemployed (because we are moving to a new state and had to stop work!) and all the inconvenience (canceling trucks, horse hauler, etc.), but it has caused me to miss the closing date for the house I am trying to buy and the seller is pressuring me and threatening to kick me to the curb.
First this bank made my buyer get a new job because they thought his commute was too far from my house to the old job. Miraculously, he did that. That took time. Then they wanted a document from the old job saying they would rehire my buyer if necessary. I know, it's unheard of. But true. He got it. Then they wanted another bank statement showing the money trail. Throughout all this they kept saying they were "shooting for" a commitment on Wednesday or Friday or next week, whatever was ahead of us. After the closing date came and went, they asked for more documents showing a tax payment was made. It was. The loan officer told me she requested the underwriters let the loan go forward with the electronic proof. She said we'd find out in a day or two if they would, otherwise it could take 30 days to get something back from the IRS verifying this was taken care of. I let a couple of days go by and called the bank to find out the answer. The loan officer said she would get the answer "today." That was yesterday. I waited till the end of the day to hear from them but nothing. I called twice and left messages. I waited all day today to hear from them but nothing. In the meantime, I have the people up north who's house I'm trying to buy, the agents, closing agent, etc. all asking me for a new closing date. And I have NO answer. Maybe we'll close next week. Maybe it'll take the 30 days. I don't know! I have to tell these people something! I have to know what I am doing! What does this bank think, I'm going to be on call when, IF, they finally decide they're going to close and move a whole family, business, farm, at a moment's notice? We're going to have to go back to work again--restart our advertising, call up the contractors we work for and let them know we're still here and can we have some work? We can't just wait indefinitely! We have bills to pay. I just can't believe they do this to people. Can you guys give me some advice on how to handle it? I don't want to respond emotionally. If I assume one of the worst case scenarios that it's not going to happen for 30 days or more, I will lose the house I'm trying to buy and then when my buyer's bank finally can close, I won't be able to get out on time because I'll have nowhere to go. What do I do?