Home Buying in 92571>Question Details

Shaki, Home Buyer in 92571

we were supposed to close on this coming sep. 04, but asked for an extension of 11 days due to the lender barely turned in the docs. to city of

Asked by Shaki, 92571 Wed Sep 2, 2009

perris. are we still on time to close on sep. 15? we're requesting down payment assistance program

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You might be...check with the escrow company to see what their proposed close of escrow is. When funds are coming from a down payment assistance program sometimes the funds are actually received in escrow prior to receiving the documents.
Also ask your real estate agent for a status on close he or she should be coordinating the close of escrow with all of the parties involved.
Good luck and congratulations on soon becoming a homeowner!
Web Reference: http://www.tntdavis.com
1 vote Thank Flag Link Wed Sep 2, 2009
Shaki,
I have delt with an issue somewhat like your situation, submit another extenision (consult with with you agent) if you're not near closing within 5 days of your extension expiring. Down payment assistance programs work on their time-frame, not the escrow's or lender's time-frame. Your agent has to keep on top of everything from here on.
Although, Trulia is a good place to get questions answered, talk to your agent and have your agent talk to his broker for answers or suggestions.
BTW, everyone in this process wants this to workout and close at the end, it's all about communicating with everyone involved.

Hope this helps,

Jes Sierra, B.Sc.
Realtor®
1 vote Thank Flag Link Mon Sep 7, 2009
You didn't specify how important these "barely turned in docs". At what stage is your assistance request - review or approval? Some cities take a long time to process the assistance requests due to the lack of human resources, availability of funds, office organization, etc.

Are the docs critical to the city's decision to approve? or to release the funds? There is a difference. If to approve, may be 11 days is not enough so you may need to ask for another extension. If to release, may be 11 days is sufficient to close by 9/15th.

Your agent and escrow are coordinators, they are NOT decision makers. You need to be in regular contact with you lender AND the City of Perris office that is processing the assitance request to nudge them to move your request forward ... because you are the borrower...not your agent or escrow.
1 vote Thank Flag Link Thu Sep 3, 2009
Your closing agent should be able to advocate for you and provide you with the information you require. If the deadline is not metm it may be necessary to request another extension.

Best wishes
0 votes Thank Flag Link Thu Sep 3, 2009
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