[GreenieSteve]

Originally Posted by pulpfiction

That would be perfect...but I don't believe this is the case.

Neither my realtor nor lender have brought this up, nor did a google search yield any information about this.

Would any realtors on the board be able to chime in?

Check with a real estate attorney - I'm pretty sure it's there, as I know a realtor that got grief over filing an extension due to trouble obtaining a mortgage commitment, and an older realtor in her office said that the extension was technically not necessary since the buyer has 30 days grace if there is a reasonable cause.

[willow wind]

If your lender won't extend you may have to try to negotiate with them to get some of your fees back. I'm not a real estate agent so have no idea how the contract extension works.

Something is confusing here. You said that 90% of the units were complete. What does that mean? - that the buildings are complete or that the 90% of the units are sold and closed. Lenders are going to look to see that at least 51-70% of the units are sold/closed and occupied. I'm wondering if the junion underwriter and your agent were not on the same page in regard to that.

[pulpfiction]

I'd need the extension from the seller, not the lender.

The reason lists on the denial letter was 'Does not meet investor requirements--condo less than 90% complete'. They are building additional townhouses over the next few years--why this affects a bank's willingness to finance, I have no idea.

Originally Posted by willow wind

If your lender won't extend you may have to try to negotiate with them to get some of your fees back. I'm not a real estate agent so have no idea how the contract extension works.

Something is confusing here. You said that 90% of the units were complete. What does that mean? - that the buildings are complete or that the 90% of the units are sold and closed. Lenders are going to look to see that at least 51-70% of the units are sold/closed and occupied. I'm wondering if the junion underwriter and your agent were not on the same page in regard to that.

[jdhall1]

Try using the builders lender. One of my clients came in to me ready to go with her credit union's strong prequal in to a project that was I would estimate about 95% completed and occupied. Her credit was excellent, job was steady and had 25% down and the credit union still said no after 1.5 weeks into the process. The project was going to be finished in under 6 months. A couple of the local banks would of helped, but she found the best deal at the builders lender and was able to close smoothly.