Lender refuses to set a closing date.

[Erin Margaret]

I am selling a commercial property up in Alaska, I accepted an offer Jan 13th with a planned closing date on feb 15th all of our paperwork was in order, the appraiser and inspectors both checked out fine. Feb 15th came around and they delayed closing due to the title company not yet receiving the paperwork. The lender is a local credit union, when my realtor or I contact them (which has been at least once a day) I get the same message: "We will be submitting the file to our Closing Officer and she will coordinate with the Title Company. When she coordinates with the Title Company we will have a better idea on when we will be able to close on this transaction. " Over a month and I still don't have a closing date? I have several other projects in the works that need the money from this sale to be completed. At what point would it be advisable to pull the plug on this offer and go for a lower offer with a better lender?

[Derrick S.]

Originally posted by @Erin Margaret:

Re derrick:
Pending action for being too slow at their jobs? What legal reason would I state?

You said that you might have to accept a lower offer because of them. More than that a legal letter is a good kick in the pants. It'll go right up the chain as no one wants to be the reason they are being sued. 

I'm not saying "sue them," I'm saying get a scary letter written, and send it to everyone in the department asking "who's to blame?" Maybe even use PrePaid Legal? I do hope whatever action you take that you see it resolved quickly.