Home Buying in Dallas>Question Details

Dustin H, Other/Just Looking in 75019

UNDERWRITING DELAY PUSHING BACK CLOSING......

Asked by Dustin H, 75019 Fri Jun 22, 2012

We are getting a USDA loan and the underwriting is taking longer than it should due to some income qualification discrepancies. Our original closing date was in the second week of July but it still hasn't been sent to USDA.. If it takes longer to get back from them is there a chance the sellers will want to start all over or renegotiate the price or what they are pitchin in for closing? We are scared they are going to say because we took so long now we aren't puting anything towards closing.. Our realtor said not to worry too much until it gets closer to that time and just hope USDA get it pushed through quickly. Anyone have any experience with this?? Thanks a lot!

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Answers

9
It’s imperative that your Loan Officer and Realtor are in communication. I talk with my preferred Lender everyday on all open transactions. This is to protect my Clients from having to file extensions, possibly costing them additional fees to Seller or even losing the deal. Get everybody on a conference call if need be.

Cheers!
Hunt

--
Hunt Holdridge
HUNTAHOME, LLC
Office: (214) 866-0050
Mobile: (214) 457-1639
Email: hunt@huntahome.com
Web: http://www.HUNTAHOME.com
0 votes Thank Flag Link Mon Jun 25, 2012
Just curious Kenny.. Is this
0 votes Thank Flag Link Sat Jun 23, 2012
The seller will likely amend the contract for the closing date only.
I have never seen one renegotiate the terms of the contract.
Sometimes they will ask for more earnest money.

YOUR realtor needs to answer these questions for you.



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sat Jun 23, 2012
It is usual and you need to talk with your Realtor and NOT US.

Kenny
0 votes Thank Flag Link Sat Jun 23, 2012
Hi Dustin,

Like most agents commended that this is fairly common.

Have your realtor communicate with the loan officer and its also important to keep the closer at the title company in the loop. Its also a good idea to have the signed extension amendent signed and ready at your agent's disposal.

Once everything is looking better and just waiting for the final approval to clear to close. Its a good idea to let the seller's agent to contact the lender directly and let them know and feel confident that this will close. They will usually let you to extent the closing knowing this is a done deal!

Good luck with everything!

Dixon
Realtor
JP and Assocaite
http://www.findyourtexashome.com
dixondfw@gmail.com
0 votes Thank Flag Link Sat Jun 23, 2012
WELCOME to the real world of all the "behind the scenes Realtors, mortgage brokers, title companies " deal with daily with our client files

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Fri Jun 22, 2012
Seller may ask you to put more earnest money if you want to extend the closing date.
0 votes Thank Flag Link Fri Jun 22, 2012
Ask your realtor to ammend the contract to extend the closing date, if you are fairly certain that the USDA will not be able to get the loan processed within time.
You are correct that sellers might try to add/remove some conditions when your realtors tries to ammend the contract for extension of clsoing date.
But at the same time remember the sellers have also been waiting all this time locked in with you to close this deal. Only if they have any other option / another backup contract will they try to renegotiate. Its in their best interest as well to close as soon as possible.

All the best !
Amit Sachdev
http://www.sunshinerealtors.us
0 votes Thank Flag Link Fri Jun 22, 2012
This is really common. Hopefully your sellers are understanding.

Best Regards

John Greer
Realtor/ABR/SFR
United Real Estate Dallas
214-460-8381 Cell/Text
jgreer@unitedrealestatedallas.com
http://www.johngreerhomes.com
0 votes Thank Flag Link Fri Jun 22, 2012
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