IF you are in a sellers market my advice is tell buyer to switch lenders or walk away. If you think this buyer is the best you'll get for forseeable future, try to encourage him ($1k off sales price, leave furniture, hand job) to switch lenders but be prepared for a circus should he object. I am guessing you are out of compliance with all timelines regarding the contract so you can come out clean no harm no foul if you return earnest money.

Should you go the walk/switch lender route, I'd call and get this guy's NMLS number and file a report detailing their behavior. From your side of the story its definitely worth noting. All this over one comp from last year seems retarded, but again, I don't know your market.

Good Luck

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Posted by tiger94gop

GEISMAR

Member since Nov 2004

2927 posts

Posted on 6/4/16 at 7:26 pm to ItNeverRains

A review will not turn out well. There is no incentive to meet the value. Depending on the final number your buyer may be having to come with more money. He will also have to pay for the review.

I would suggest he move to a local bank or CU. It will change his whole deal and possibly his rate. The biggest part of this is containment of original deal info to new lender. There may also be an issue of appraisal release.

If he has paid for anything he may hold steady and continue with the sale through a new lender. However, if this is limited money down, rural, FHA, etc., you may want to tell your realtor to start showing it again. I have seen this happen before and the deals didn't close. Created bad feelings all around. His UW doesn't care so, my experience says put the onus on the buyer, but I would start the process of finding another.

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