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I'm under contract and three weeks from closing -- what are the implications of changing my financing terms?

Cali Homebuyer
Home Buyer
Menlo Park, CA

I'd like to change the type of loan, but I'll be staying with the same lender who says that they *might* still be able to meet the closing date. I assume I have to get the seller to agree to the change in the contract? What if they don't? Is my earnest money at risk? I still have not signed off on financing or inspection contingencies.

Answers (2)
Bill Eckler-Flo...
Agent
Venice, FL

Cali,

This is probably a question best directed to your closing agent. They will understand the timeline as defined in the contract as well ar the necessary time to accomplish the adjustment.

If you cannot make these changes in the specified amount of time, you may need to request an addendum for the contract closing date to provide you with more time. Obviously, the seller would have to agree to this change.

If this change is going to be beneficial to you and you are working with a willing and cooperative seller, this should be able to be worked out. The key factor to this happening may be making all parties aware of your need as soon as possible. Your real estate agent, lender, and closing company will be able to advocate for you.

Good luck
The Eckler Team

Sat Jul 11 2009, 04:28
Debbie Rose
Agent
Livingston, NJ
FIRST ANSWER

Cali HI -

This is a legal question which I wouldn't even begin to address - nor should anyone else other than a real estate attorney in your area Obviously, without the sellers agreement, you will have a difficult situation if you delay the closing. The fact that you haven't signed off on the inspection or mortgage contingencies might factor in, but you really need to check what your legal status is.
You need to call an attorney and seek his or her advice on how to handle this situation !

Good luck~
Debbie Rose
Prudential NJ Properties

Fri Jul 10 2009, 22:55

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