Lender is late on closing

[William Sieving]

I am working with a lender from the BP resource list and have already extended closing by two weeks because this lender claimed they needed more time to obtain financing. Now we are less than three days from closing and they're telling me they are backed up and may not get the approval in time to close! I am at risk of losing my earnest money and I have already paid thousands for the fees and appraisals and inspections required to obtain the funding in the first place! What should I do? Does anyone have any ideas on how I can still make this happen in the event that my lender can't close in time? Do I have the right to take any kind of legal actions against this lender? Please help! Thanks, everyone.

[Russell Brazil]

You are responsible for the quality of lender that you hire.  Too many shop around for lenders with the lowest fees and lowest rates, then those guys miss deadlines.

Get an extension signed, and perhaps start lining up a backup lender. Be prepared to offer the seller something in exchange for the delay.