Old loan came up and pushed back closing

[Javon Rice]

I have a seller and a buyer all under contract and then the title company says their is an old Lien on the house.we called the bank and the Lien is payed off but they say it will take up to 30days to sent paperwork out saying its clear. Any way to make this go faster?

[Account Closed]

"Up to 30 days" isn't the same as 30 days. It may get done faster. Most banks have lien release depts that work pretty fast, especially if your closing/escrow agent is following up on it. If it were me (and it has been), I'd make both the seller and buyer sign a 30-day extension. The seller should have no problem with this, since they can't sell without the lien release. If your buyer has a problem with it, better to know now so they can cancel and you can find another buyer.

I wouldn't just wait it out without an formal, written extension for all parties. In my experience, contracts that don't close on time open up a whole host of variables. Out of nowhere, the seller will get better offer. Or the buyer changes their mind or buys something else and then can't get enough funds to close on your deal. The job of being in the middle of a wholesale is deal is keeping everyone in contract, managing expectations, and keeping everyone focused on the desired outcome.