Closing Disclosure not received in time for closing

[Michelle Phimmasone]

So maybe I'm just venting and sad because we lost our property and our $7500 earnest money because our closing disclosure didnt come in until an hour before the end of closing day.W had an offer accepted last month for an investment property out of state. We were getting a DSCR loan and everyone was working hard to get it closed within 30 days. There were a few delays, like the appraiser had to redo the numbers in order for it to qualify for the 1:1 debt service ratio. Also the property under appraised, it was about $24,000 lower than contract/asking price, the appraiser took inflation into account and raised the value so that it was $8000 less than asking price.

We were scheduled to close Tuesday, April 25. Not sure of full details because my hubby was the one communicating with them, but the broker had already had to extend our interest rate twice due to the appraisal delays so it was going to expire the day of closing. However by that day, we still hadn't gotten the closing disclosures, had not seen anything on the final numbers, cost of loan, closing costs, amount needed to close, except for what we had gotten on the loan estimate 20 days prior but the broker said most of those numbers were made up. He said the title lady was still working on the disclosures, he hadnt seen it either, they would send it to us asap. They were on Eastern time, we're on Pacific and it was already 4pn their time  I wasn't home, had to do school pickups, my hubby tells me that they finally emailed the disclosures. 

We could only very briefly look at them, like minutes, and the cash to close was  thousands higher than expected even with the earnest money factored in. The financed amount was less than what was originally on the estimate, so the difference in the numbers meant we needed to pay more upfront. We didn't have enough cash to close. My hubby said he was getting calls that we needed to sign the disclosures right away, make the appointment for the notary, there was less than an hour left before the end of the closing day. Because of not having enough time to look over the disclosures, not having enough cash to close nor the time to figure out how to get more money, and the interest rate expiring, my husband had no choice but to back out of the purchase. So we ended up losing the property and earnest money, broker said if we wanted to go forward it'd be a whole new interest rate, all new papers to redo, and rates are a lot higher now. I just don't understand why they had to put our backs up to the wall like that after all the work and effort put in, I know you're supposed to get the disclosures 3 days prior.