Home Buying in Bay Shore>Question Details

Latashen, Home Buyer in Bay Shore, NY

im closing on a foreclosed home on 5/24 . but i havent got my loan commitment yet should i be worried

Asked by Latashen, Bay Shore, NY Tue May 18, 2010

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Do you have a financing contingency in your P&S and if so what is the date for the contingency? If your financing contingency date passes and you don't have a loan commitment yet and you are not able to close by the agreed upon closing date your deposit could be at risk. The other risk is you could loose the home if you are not able to close on time and if you are not able to get the seller to agree to extend the closing. They could potentially keep your deposit and accept another offer.

What is your lender saying? You need to stay on top of them and really understand what the issues are. I hope it works out for you. Good luck.
0 votes Thank Flag Link Tue May 18, 2010
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