Home Buying in Boca Raton>Question Details

ca_lexa, Home Buyer in Boca Raton, FL

Is it common for home buyers to extend their closing date if things get delayed?

Asked by ca_lexa, Boca Raton, FL Tue Aug 20, 2013

I'm in 'pending sale' with a seller on a property. My bank and ESPECIALLY the condo association have delayed so much with the processing. I really like the property and want to get it, but concerned the date won't be extended. This is also a Fannie Mae property (foreclosure), so not sure how willing they are to extend.

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Yes this is very common. I would suggest speaking with the sellers and asking them if they would be willing to extend the date. If you are working with a real estate agent you will need an Addendum to change the closing date.

Sincerely,

Nicole Marks Mason, Realtor, GRI
United Realty Group
561-445-8743
0 votes Thank Flag Link Tue Aug 20, 2013
It is fairly common. A number of things can come up on foreclosures and condos that add time to the process. How long have you been in process? If it's been something crazy like 3-4 months or something then that may be cause for alarm. But if it's been 60 days or less then unfortunately that is probably the norm.

Most of the time sellers are willing to extend the contract because if they don't then they will start back at square one and likely go through the same thing with anyone else who wants to buy the condo.

Some banks are slower than processing loans than others, and some condo associations are just not very responsive in getting banks what they need to approve the condo. Unfortunately this has nothing to do with YOUR qualifications, which is why it can be frustrating as a buyer. Not to mention that while everyone is taking their time you are sweating whether you are going to lose your interest rate or not.

My advice is to be patient and make sure everyone is communicating. Give it some time and hopefully everything will work out. Good luck!
0 votes Thank Flag Link Tue Aug 20, 2013
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