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Old 03-24-2010, 07:30 PM
 
14 posts, read 73,625 times
Reputation: 11

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I put in an offer on a short sale which was accepted by the seller and the bank. I was "pre-approved" by my mortgage broker for a USDA loan. The loan has fallen through regular underwriting, and the mtg. broker is trying to go through another lender. This has not even made it to USDA yet, and it is my understanding that they are taking 10-14 days to process. My closing date is 03-31-10, and the selling agent contacted me to tell me if the closing does not occur on time, they have a cash offer pending behind mine. I have already paid for the appraisal, survey, WDO, home inspection, insurance, and I even had to pay the deposits for all of the utilities, as the seller wouldn't. Not to mention my $1000 earnest money. The bank acceptance letter (CitiMortgage) to the seller states it is ok as long as it closes by 04-23-10. Will I be out of luck if this doesn't close by Wednesday? Any comments will be greatly appreciated!!!
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Old 03-25-2010, 09:59 AM
 
Location: Alaska
89 posts, read 340,083 times
Reputation: 64
I'm no attorney,but you may be up a creek! What does your agent suggest?
Ethically,I would think both agents would want to help you as much as possible but legally,if you don't close on or before the closing date, I think your out of luck!
Hope it works out for you!
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