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Updated about 8 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Robert Courtney
  • Hartford, WI
2
Votes |
11
Posts

Looking for some help with an Interest Rate lock

Robert Courtney
  • Hartford, WI
Posted

I'm in the process of buying a Duplex, it is a short sale and the Listing agent has been taking his time on getting anything accomplished. According to both my realtor and my lender he is not returning their phone calls. He has yet to provide us with a closing date and my interest rate lock, according to the contract with my lender, expires tomorrow. My Lender has now called and told me that is going to cost anot her 1100 dollars now if I'd like to extend the rate lock for 21 days, or even 1400 to extend it for another 30. He is telling me that its possible that he can bring that price slightly down but it will still not be cheap. I'm still new to the process so I wanted to ask if this seems normal to anyone, and if I, as the buyer, should be held responsible for the slow process being caused by the listing agent. Is there anything I can do about this?

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