Seller keeps calling me daily to pressure bank to close sooner than later
I’m in the process of buying a new construction in Phase 1 in East Bay. Been waiting for months and it’s finally reaching the finishing line, but my lender, Wells Fargo, discovered it needs more details to underwrite my loan and needed to push out closing date by 10 days. During this time, I discovered listing prices fell by across all the lots by 25k, so I negotiated a price down by 20k. Seller keeps calling me to get them to close faster, and I’m wondering why they keep nagging me to close sooner before July 1. Is Wells Fargo delaying because of the fear of recession? Will my builder go bankrupt due to a recession? Am I stupidly paranoid?
FYI original closing was June 14, and now my bank wants closing to disbursement of funds to be June 26-June28
Your bank is helping you. See if you can delay longer. What’s your interest rate and when was it locked?
Locked at 4% almost 2 or 3 months ago.
Well, rates a down quite a bit. I just got 3.375% on a refi. Might be worth trying to change lenders.
Hold out mate Not right time to pull trigger You also have desperation signs from seller
Maybe hire another inspection for the place? Sounds fishy
New construction from a big builder (big enough to be listed on S&P). I asked my bank the results of the inspection. @powerlines are you skeptical too?