Complaint Rating:

Recently my wife and I made and offer on a short sale for home here in Texas. At the time we were advised these things can take several months to complete. In our particular case it was compounded as there were two liens/lenders involved on the sellers side. After a week we were informated that we were not the primary offer and needed to sign and addendum for the right of first option on the secondary position, which we did. Only 24 days after submitting the offer we were told we are now primary and have 11 days to close the deal. We believed this was unreasonable for Wellsfargo to request this on such short notice, so we ask for the possibility of an extension. The response fromWellsfargo was shocking, they informed us that they would now go with the other offer. This turned out to be an error on the Sellers realtor part with her understand but it lost us valuable time while we tried to understand the banks response and seek clarification (2 days). So now we find ourselves 9 days out to close madly rushing around with our finance broker trying to make all of this work in time. The Load adjuster is sticking to his guns and communicated to us via the seller realtor that if we don't close on the 28th (the contract says 1/30) then the deal is off. My complaint is that I believe it's extremely unreasonable to expect anyone to close in such a short space of time given that we were not even in primary positon originally. We are doing our best to get it done, but in the state of Texas there is a Z (Zee) clause that states the loan paperwork must be submitted 8 days prior to close (i've done that). It is extremely frustrating. We are awaiting to see if we will make the timeline or if we need to ask for a couple of days extension to complete the appraisals and inspections along with all title requirements etc.

Any information or help would be apprectiated.

Frustrated in Texas.