Home Buying in Roswell>Question Details

Ecr5310, Home Buyer in Roswell, GA

Is there a way to extend a due diligence period in order to allow changes on my credit report to post to my score? Is there a way to request this?

Asked by Ecr5310, Roswell, GA Wed Aug 3, 2011

I do not have an agent

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Answers

6
Is there an agent involved in this transaction at all?

You can ask to extend the due diligence period, but keep in mind that the seller doesn't need to agree to the extension... Also, it can take quite some time for changes to you credit score to occur. However, to request this, you would need to make an ammendment to the contract. Both parties would need to sign, agreeing to the new terms.

Best of luck
1 vote Thank Flag Link Wed Aug 3, 2011
You can submit and amend/extend to the contract. However, it is up to the seller if they are willing to agree to the extension. I don't think you should ask for an extension on your due diligence period, rather an extension on you loan conditions.
1 vote Thank Flag Link Wed Aug 3, 2011
Next question, do you have a financing contingency period in your contract? If so, how long is that time frame? If it's longer than your due diligence period, then you are still good based on the fact that the window of the financing contingency period will cover you if your scores don't improve and your denied.

If the due diligence period is your only contingency period and it's about to be up, as the others have said, you can request an extension on the due diligence period, but the seller isn't obligated to accept it. My advice to you would be to be 100% honest with the seller and their agent about your situation so that they know why you're requesting it. It may even help to allow them to call your lender and hear it from "the horses mouth" that this is what you all are waiting on, as well as why they think it will happen so that the seller and the agent will put more faith in your request.

Good luck! If you decide you need an agent, ummmmhmmmmmm, we know a good one :)

Melissa
0 votes Thank Flag Link Wed Aug 15, 2012
I don't mean to scold you, but this is a good example of why you should work with a buyers broker. H/she would have counseled you to hold off making an offer until you were pre-approved for a loan which necessarily would mean you would have waited until your credit score was updated. As noted below, you can ask for an extension of your DD period, but the seller is under no obligation to accept it.
0 votes Thank Flag Link Fri Mar 23, 2012
Yes, your agent should be able to assist you with this matter by amending the contract, however the seller is not obligated to accept the terms.
0 votes Thank Flag Link Mon Mar 12, 2012
In some states the due diligence period and loan cvonditions are tied together... such as in North Carolina.
0 votes Thank Flag Link Wed Aug 3, 2011
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