Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My loan officer had word back from our lender last thursday that I was approved for my loan, they just needed a few things signed. Which I did and returned in minutes. I was assured that we might even close on Friday the 21st. Or it could happen Monday the 24th. Worst case scenario on Tues the 25th.
Friday passed without a word. Monday I talked to my loan officer and he said that the lender said he needed the seller's address even though they had it. He resent it but by that time the person handling my loan had gone away for the weekend. Now it's Monday and that person has taken this week off for the holiday and no one has signed off on my loan.
My loan officer now says that because of the holiday I won't have my loan in line until Monday Dec 1 .
My question is since I will miss our closing date of Nov 28 can the seller now take other offers if they have them? ( there was a cash offer for this property when I was putting my offer in on originally)
You'd have to read your purchase contract. It'll say what may happen if you aren't able to meet the closing date and the seller won't agree to extend. If you have a real estate agent I'd talk to them about this ASAP.
You'd have to read your purchase contract. It'll say what may happen if you aren't able to meet the closing date and the seller won't agree to extend. If you have a real estate agent I'd talk to them about this ASAP.
You are missing your date by a single day. Even a cash offer will take more than a few days to get together, a cash buyer is still going to want to have a title search, appraisal, and possibly inspection done--in other words they probably wouldn't be able to get it closed any faster than you can close.
Best bet is to have your attorney (you are using a Real Estate Attorney, aren't you?) call the sellers attorney and get it worked out.
I'm assuming this is your first real estate purcahase. You'll come to find that they almost always close later than you've been told. And if you ever build a home expect to close months after the initial completion date the builder gives you.
Well, if you close in Dec., your first payment won't be due until Feb., but you'll be paying 30 days of prepaid interest. Had you closed on 11/28, you'd only be paying two day of prepaid interest.
When you close within the first 10 days of the month you have the option to make your 1st payment due the 1st of the immediate month or 2 months from now.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
