Home Buying in 54901>Question Details

Samanthaolso…, Home Buyer in Oshkosh, WI

What can be done about a closing date not being met?

Asked by Samanthaolson32, Oshkosh, WI Thu Nov 15, 2012

Situation: Put offer in on house and it was accepted. Original closing date was November 9th, things needed to be repaired on the home so we changed the closing date to November 16th to give lots of extra time. The mortgage person needed proof that the repairs were made and that proof didn't come in until Tuesday, the mortgage person sent it in to USDA Rural and as of today there has been no response from the loan company. We are supposed to close tomorrow! Is there anything that we can do to make sure we close tomorrow or is this a lost cause battle?

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6
One thing you cant count on is USDA funding and closing dates are always an estimate. Talk to your lender as they should have an idea when you should be able to close.
1 vote Thank Flag Link Thu Nov 15, 2012
I also agree with Nan
Flag Thu Nov 15, 2012
Have your agent extend the closing date if you still want to keep it under contract.
0 votes Thank Flag Link Sat Feb 16, 2013
Start with realistic expectations, USDA loans take a minimum of 45-60 days from date acceptance of your offer to closing. Get preapproved before you start looking and homes in your price range. Work with a knowledge Realtor who can help you anticipate the problems that may occur in the buying the home you choose. Make sure you have good communicate with your lender and your Realtor as problems arise. USDA is a government loan program and unfortunately the government works on their time table not the buyers. Make sure that you have some options, if the closing has to be delayed. Following these guide lines will help make your USDA buying a little easier.
0 votes Thank Flag Link Tue Nov 20, 2012
USDA loans have been running anywhere from 45 - 60 days from date of contract to closing ...and this depends if the the loan file has been approved by USDA. If you are the buyer check with your lender to check on the USDA status. At this point you may need to extend the closing date. I have had only one of the USDA loans run late ... due to a file incomplete. Hang in there...
0 votes Thank Flag Link Thu Nov 15, 2012
Unfortunately, With Government programs you are at their mercy, they can be a good deal, but more hassle than conventional financing. I would hang in there if you can. It probably wont be much longer, stay in close contact with your Lender! If you don't want the house any longer, than you need to contact your
real Estate Agent. But you are almost at the end, and if you are going to use Rural Housing, or any Govenment program, for that matter, you may have to start over, but it may have the same frustrating result.
0 votes Thank Flag Link Thu Nov 15, 2012
Best thing to do is to call them. You won't know if anything can be done until you call. You can ask the lender or agent to call also. Some are willing to go the extra mile.

Here is a directory for folks in that department.

http://www.rurdev.usda.gov/supportdocuments/Housing.pdf
0 votes Thank Flag Link Thu Nov 15, 2012
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