Home Buying in Austin>Question Details

Becky0208, Home Buyer in Austin, TX

If I have final approval for an FHA loan and the seller backs out can I get a different house?

Asked by Becky0208, Austin, TX Sat Jul 7, 2012

I got approved for an FHA loan and the lender needed more time for final underwriting to get my final approval. I had an original close date of the 29th and he had to move it to the 9th. I paid the seller 1300 more earnest, on top of 2000 original, to extend to the 9th of July. Well I only got my approval with conditions on Friday. I complied with the the conditions but now the lender says he needs another week or more to close. The seller said she won't extend again. I guess I am about to lose 3300 dollars and the house I wanted. I think my realtor and lender screwed up by only extending until the 9th when the lender knew he wouldn't be able to close it. My realtor said he hoped with my final approval that she would extend again. What??? Anyway, my question is since I have my final approval can I just transfer it to another house. That is if I can come up with more earnest money. Uggg.

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Tim Andrews’ answer
Becky, you would not likely be able to transfer the approval to another house because the house itself and its appraisal are major funding-decision factors in any real estate transaction. I see that your post is almost a year old and no one ever answered you. Did you end up getting another home? Lending issues have been the bane of buyers, sellers and agents alike. So many over-promise and under deliver. Nearly every home I have listed that sold with financing involved, especially for a first-time buyer, had to extend closing. I always structured deals to close in 60 days or less so that we had enough time to get through underwriting issues without needing extension after extension. Interested to hear how you made out.
0 votes Thank Flag Link Sun Apr 14, 2013
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