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FirsttimeHom…, Home Buyer in Downingtown, PA

Settelment date passed today(supposed to be); underwriter is still asking data from buyer. Hoping one more day

Asked by FirsttimeHomebuyer, Downingtown, PA Tue Feb 21, 2012

Money is made available in buyer's account for settlement in a timely manner. Checks deposied to show the amount were made available to underwriter...
Answer is given to underwriter's latest question..

Do I have to write an addendum (Pennsylvania) to extend settlement. Is this not underwriter's problem?
HUD-1 is not received, wallthrough is not done. All waiting upon underwriter's decision..

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Fran And Mark Redding’s answer
BEST ANSWER
Hi

With all due respect to Tim, this is a PA contract. In PA the standard form contract is a "Time is of the Essence" contract. Dates are set and can not be changed unless agreed to in writing buy both buyer and seller. Going beyond the closing date is not normal here without a written extension. Contact your agent and get a signed extension NOW. You are out of contract.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
215-504-7500
215-321-3307 DIRECT
http://www.FranandMark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Tue Feb 21, 2012
It is normal to pass by the closing date and it is customary to allow 1 or 2 weeks more. You may not like it but would you cancel the contract rather than wait a few days? If the underwriter says yes it usually still takes 2-3 days to be able to close because the papers need to come from the lender and the HUD sheet and other documents need to be completed. All underwriters are now singing out of the same hymn book and they have to dot all i's and cross all t's. Hang in there and it will happen.

If there is a clause that says, "Time is of the essence" then that is a drop dead date and the contract could die if it is passed. We don't often like to use that term because it is better to delay a few days than to start all over again. If that term is used in the closing date clause, then you will need to sign an extension.
0 votes Thank Flag Link Tue Feb 21, 2012
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