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WellsFargo waited until last minute now sellers may walk

I signed a contract on April 14, 2013. I was told 6-7 weeks ago verbally that I had a commitment from Wellsfargo. The loan officer went on vacation and came back 10 days later and there was no commitment. An appraisal should have been ordered, but never was. The loan processer who was working on the file quit. Then it took approximately 4 weeks before WellsFargo found a loan processer to review the file out of PA because as I was explained nobody wanted the file. I have a commitment letter due tomorrow with a buyer who threatened to walk away from the deal if it's not done in time. Also the closing is on July 1, 2013.

Any suggestions on how to get WellsFargo to provide the commitment letter on time?
They have procrastinated this whole time. Anytime they wanted a document from me it was sent within 24 hours. Should I go to the office tomorrow and speak with the loan officer's manager? Someone else suggested putting some money on the table stating to the seller that if I don't close they could keep those funds.
  • June 23 2013 - Harrison
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Answers (5)

Unless you have a rate lock @ 3.625% in writing good through your close date you are in trouble as you will pay 4.625% to replicate that today. 
  • June 25 2013
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Christopher,

I am locked in at 3.625% under my credit score of 790ish. My wife has a 690-700 credit score. Would you be able to match it? What would closing costs be? How long would it take to close/get a commitment letter? You could contact me at archrmo5055@optonline.net.
  • June 23 2013
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I am sorry to hear that you are having so much trouble with Wells Fargo - you should speak with another lender ASAP to see what options you have to try and keep the deal together. Wells Fargo can't take $3800 from you. Has this actually been charged to your card? If so you will want to have this removed and file a complaint immediately. If you would like to look at your options with a quick turn around then please feel free to contact me through my profile.
  • June 23 2013
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Christopher,

Thanks for your response. I wanted to change a month ago but my loan officer told me that when I locked in I put $3,800 on my credit card and if I walked away from the loan with them they would keep my money. My credit card information was given over the phone so I didn't sign a paper which had those terms so I could have probably walked away, but once I was told that I was hesitant to take a chance.

I will probably go to the branch tomorrow to sit with the loan officer or her supervisor to get this situation straightened out. They wasted a lot of time and now my wife and I are the ones that might miss out on a great house.
  • June 23 2013
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If you can go to the branch, that could help. I would be hesitant to put more money in escrow if the seller is already threatening to walk away if you can't meet the commitment date. Have you tried to get a back up plan/lender? The seller may be more willing to give you an extension if you tell them the situation and that you have a plan if Wells Fargo does not respond quick enough.
  • June 23 2013
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