Got an interesting issue and due to rules and regulations I can't get someone to move forward if they don't want to change lenders.
So, I share this story with you...
A listing of mine is in a track that has litigation. A homeowner is suing the HOA for water damage to their property.
I find out every bit of info from the HOA. I research who's been doing loans in there this year. I provide the lender for buyer a letter from the HOA's attorney...which he gives the 'thumbs-up' to and we accept offer and open escrow.
Now, on the day we are to have final loan contingency removed.....lender is stating issues with litigation.
I tell buyers agent, move your buyer over to my lender that knows he can get it done. Buyer is feeling an allegiance to his lender he says. I say what? Who cares, move that sucker over.
In the Purchase agreement it states that buyer has a loan contingency about rate, down payment, etc.....nothing about he'll only buy the property if he gets to use his lender.
But, if I say "Hey, we have a lender that can do it, you can't cancel"
Ugh. I understand the coercion issue. But, if we have another choice, that can close the escrow.....why the heck wouldn't buyer jump on it?!?!?