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Are we getting lied to be our buyers lender?

Sorry if this is the wrong subreddit.

Context: We are in Los Angeles California. My family has owned a mixed use commercial building since the 70s and we are selling it to a tenant. We are then taking the money and exchanging it through a 1031 for a residential income property. Our listing agent was asked to also represent our tenant in the purchase as he wanted this to be as smooth and quick as possible.

Our tenant/buyer is well qualified and has no issues getting approved for lending. He’s gone the route of chase bank taking on 50% of his loan through a conventional loan, 40% through SBA and 10% cash down. Chase has approved him, he’s released all contingencies and his EMD already and we’ve already found our upleg and are in escrow (ends on June 17).

Here’s where things aren’t adding up. Our escrow for the building was supposed to close May 14th. The only thing that’s left is an authorization from SBA and then our buyer will enter loan docs and close in a couple days. We were told the government (SBA) has a 10 day turnaround and that should have been the 16th of may. So we extended escrow until the 31st of may to be safe. We are now 25 days into waiting for SBA and the company that is doing the SBA loan has told us the final authorization is coming tomorrow. We’ve been told tomorrow now for 15 days straight. Our agent has told us he has other loans he’s opened after ours with SBA that have closed already. We’re getting sick of extending escrow on our building and I don’t want to ask the seller of our upleg for an extension because they are extremely aggressive and will likely expect compensation for an extension.

My concern is that the company doing the SBA loan is lying and they have messed up somewhere and they keep telling us SBA is behind and they’re backed up. I’m hearing from everyone that no one is waiting any longer than 2 weeks to hear back from SBA. We’re down to the wire here and it’s the only missing piece. Has anyone else had a similar timeline with SBA? Everyone’s emotions are high and tension is rising. We’ve made a lot of irreversible arrangements based on this closing 2 weeks ago. Thanks for all and any info.

submitted by /u/Shkmstr
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source https://www.reddit.com/r/RealEstate/comments/uzhuyz/are_we_getting_lied_to_be_our_buyers_lender/
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