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Old 09-14-2008, 02:59 PM
 
51 posts, read 271,554 times
Reputation: 49

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Here's a Pickle... my offer from 2 months ago got accepted by a bank and they cut my inspection time to 10 days in the counteroffer (i needed 203K Streamline so we asked for 21 days as there's more stuff involved with that)

We signed it, but after speaking with lender we realised that there is no way we can get a loan in 10 days. So the lender spoke with the seller and explained the situation with 203K's. The seller agreed to extend the time (over the phone) and we sent in a new counteroffer with that 15 days in there. The clock begun ticking on that date (5 days ago) and I've not seen the contract yet...

I'm feeling pressured to pay for my 203k inspection ($400-450), but what if the bank decides to give the house to someone else in 6 days?

Shouldn't the clock really start after the contract is signed? I'm feeling a bit screwed...
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Old 09-14-2008, 05:36 PM
 
Location: Hot Springs, AR
5,612 posts, read 15,119,229 times
Reputation: 3787
That depends on how badly you want the house. Your best bet would be to contact the seller and found out what the delay is on their end. They could very well be entertaining another offer. To avoid situations like this, it's always better to shop with loan approval in hand, so when you make an offer, it's only contingent on the house passing inspection and not on whether or not you can get a loan. Good Luck.
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Old 09-15-2008, 02:01 AM
 
51 posts, read 271,554 times
Reputation: 49
i have a loan approval.

This bank has been waiting since mid july to get back to us, maybe they are just really slow...but paying $450 for a consultant to come out without a contract doesn't seem right to me, even if i want the house badly...its like gambling on whether the bank will pull through....hmmm...dilemma
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Old 09-15-2008, 08:23 AM
 
Location: Hot Springs, AR
5,612 posts, read 15,119,229 times
Reputation: 3787
Definitely call the bank and see what the hold up is. Two months is very patient.
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