Financing in Orange County>Question Details

mdowling56, Home Buyer in San Jose, CA

We know we're going to need an extension on the Loan Contingency... When should we ask for it?

Asked by mdowling56, San Jose, CA Fri Jun 14, 2013

A few details of note:
-Our RA advised us to go in with 14 day contingency's, at the time, we had no idea that this would leave us exposed for so long until our loan funds.
- The seller just agreed to a substantial price reduction based on the property needing a new roof

Now, we're 3 days away from our loan contingency being due. We know we want to extend it (a friend of mine just had his loan go bad at the 11th hour).

Should we just go ahead and ask now, or wait until the last day to do it? Does either present a problem or something I should be aware of?

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Answers

1
Hello Buyer,

What does your buyer's agent say? Am a little concern that you are asking in this forum and not consulting your Realtor? If you have a loan contingency and you do not have a commitment from your lender it will be wised to consult your mortgage broker or the financial institution that is processing your loan in order to get a time frame. If you only have three days left on loan contingency it would be wise to extend this contingency to be safe. Your buyers agent should be advising you and monitoring all your contract contingencies. Your Realtor is there to protect your interest as your buyers agent.

Best of luck
0 votes Thank Flag Link Fri Jun 14, 2013
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