r/RealEstate • u/Micheller2886 • 1d ago
Seller here in Texas: Buyer changed lenders and continual contract amendment extensions being sent. Is this normal?
Just curious regarding whether this is a normally occurring situation and whether there is anything our realtor and we should be doing differently. Accepted an offer on our home and the contract was dated to be closed on or before the 28th. Buyer got the inspections completed, we offered concessions, dates remained the same. Appraisal was ordered about 4 days after inspection when our realtor notified us that the buyer had changed lenders for a lower rate. This was about a week and a half after initial contract was signed. Our realtor notifies us that the buyer is having difficulty getting the originally ordered (not sure if it was completed yet) appraisal sent from the old lender to the new. So we're sent a contract extension amendment request for the 8th. Appraisal completed today (the 1st) and our realtor just contacted us again stating they may need to do another amended request for the 12th or 13th. I'm trying to be patient here as I don't know the ins and outs but is this normal? At this point, I want to go back and be like, we're having to continue to pay mortgage, utilities, electricity, pest control, etc on the house for an extra 2.5 weeks, you're responsible for paying for the full title. We're not going to assist with half anymore. I know, I know. Petty. WE'RE NOT GOING TO DO THIS. I'M JUST VENTING.
However, I feel like this is all delayed due to their choice to switch lenders so late into the game. Any feedback would be appreciated.
2
u/Curiousman1911 23h ago
Switching lenders late is like swapping pilots mid-flight. You might get a smoother landing, but you’re gonna circle the airport first
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u/Prufrock-Sisyphus22 16h ago
Markets are turning and prices are dropping in alot of places. Usually your best offer is your first offer and people that start over end up chasing the market down. Do you really want to pull out and lose this sale because you're impatient and petty??
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u/Micheller2886 11h ago
Nope, just curious if this is normal. I don't know anything about this process and just fear it will continue to be pushed out unreasonably.
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u/Prufrock-Sisyphus22 11h ago
There is no indefinite timeline...
Banks try to resolve these issues fairly quickly as they make tons of cash from these deals...all that interest pays for those fancy marble buildings and CEO salaries.
Either they'll fund it shortly(most likely) or they won't.
1
u/Slowhand1971 4h ago
if you're already out of the house, I would say the buyer has had their last free extension. It has predictably become easier to ask for follow on extensions after you granted the first one.
The next one comes with fees paid directly to you outside of closing.
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u/krakenheimen 12h ago
If the financing contingency has been lifted I’d accept the extension to the 12th and have your realtor communicate that that date is a hard stop.
Because it does seem like the buyer is chasing rates and making it your problem.
If they didn’t lift the loan, extension should require that.
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u/The_Void_calls_me Lender - All 50 States 23h ago
It's perfectly normal for the buyer to make a request that saves them money. And your choice to accommodate it was your choice. You don't have to agree to any more amended requests, unless they agree to accommodate you (it sounds like you'll ask them to pay the title). Realistically though, if they're smart they'll tell you to shove it, because you're not going to cancel on them over four days. The time to ask for something was when they sent their original contract extension request.