Home Buying in 23664>Question Details

Alias, Home Buyer in 23664

FreddieMAC: Have to wait to Ask for an extension on closing date?

Asked by Alias, 23664 Fri Feb 24, 2012

I am the high bidder, we close in 24 days and I am yet to be approved by any bank.

The lack of approval may be my fault, as I shopped around for the best loan and took it, only to hear that the seller will not accept the loan type I approved for. (they ibky accept Homepath -- Which seems like a conflict of interest. It should be illegal for the seller to also be the lender.)

That forces me to go back and re-apply with another bank. (in progress)

I asked if it was possible to ask for an extension on the closing date because I was concerned about the Per diam(100.00 a day) after that closing date.

I was told by my realtor that we can ask for an extension when the date gets closer. (3 weeks today.. how much closer can it be?)

Does that sound accurate? or can we ask for an extension at anytime?

I am concerned to the point where I am almost willing to give up my deposit and back out all together.. due to the fact that I am cutting it close with the closing costs and fees. If I were

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Done that been there and am here now too. This all sounds strangely familiar. I wrote an offer on a house and was told I had top go Homepath. After a couple weeks they told me that the house needed too much work and would not be allowed to go Homepath. Then we went to a different lender who now needs the 4506 IRS form to be sent back which can take months so we wanted an extension. Freddie said no, they can't deal with extensions and so we will have to wait for the closing date to pass at which time we have to make another offer with the extended closing date. It's a mess. Dang gov't BS makes selling these bank owned homes a nightmare and there is just no good reason for it. Be ready for more confusion down the road. I never know what is coming next.
1 vote Thank Flag Link Fri Feb 24, 2012
It shouldn’t take longer than 3 weeks to close a loan if you supplied everything they need at application. Unless you went with some lender out of your territory.

Hey Tim, it doesn’t take us but a few days to get the 4506T returned. Check with the buyer’s lender, I bet they are not ordering it until the very last minute. It cost $50 to $100 depending on what they order and it can’t be passed on to the buyer so my guess is they are not ordering it until the file is underwritten. That is what is taking so long. I have had a couple of glitches in that process as well and called the IRS and they sent me the transcript direct, they were very helpful.
0 votes Thank Flag Link Fri Feb 24, 2012
Your agent could ask for the extension now, but I can understand that he/she may believe the seller is more likely to grant it if you're a little closer to the deadline. If the seller denies it, you can then decide if you want to back out.
0 votes Thank Flag Link Fri Feb 24, 2012
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