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View Full Version : Lender disclosing info about buyer

bcoulston
05-13-2006, 12:15 PM
I have a situation where the listing agent has contacted me and informed me upon contact with the buyers lender they have stated to him that they are changeing the closing date due to the fact my clients have had over 15 jobs within the last two years I feel that was way out of line is there some kind of restrictions on what they can tell the lising agent?
NobleChitRealty
05-14-2006, 09:21 PM
I have a situation where the listing agent has contacted me and informed me upon contact with the buyers lender they have stated to him that they are changeing the closing date due to the fact my clients have had over 15 jobs within the last two years I feel that was way out of line is there some kind of restrictions on what they can tell the lising agent?

I've had several situations where I have had to contact the buyers' lender in order to protect my sellers interests. If the buyers' lender does not communicate with both realtors and the Title officer to let everyone know that the financing contingency is going to be satisfied in a timely manner, the sellers can be stuck with their property tied up and off the market for too long, and disappointed down the line with a closing that falls through. I'm not sure what the lender thinks that delaying the closing will enable them to do for your buyers. Is the lender trying to see if the buyers can hold the same job for a few more weeks, or what?

From your question, it sounds like there was some reason for the listing agent to wonder why the loan commitment wasn't coming through on time, and why the closing date was being delayed. I think it's legitimate for the listing agent to inquire about the condition of the buyers' financing situation. There will probably have to be an addendum to the contract where both the sellers and the buyers will have to agree to extend the closing date. Under those circumstances, I would advise my sellers to keep the house on the market, call the status "contingent", take back-up offers and include a 72-hour kick-out clause in the addendum.