Home Buying in 07081>Question Details

Mkgrills, Home Buyer in Searsport, ME

what happens if the closing date is missed due to lender?

Asked by Mkgrills, Searsport, ME Mon Oct 15, 2012

what happens if the lending agency confirms that the ordered appraisal will support the agreed closing date, but the appraisal does not come in on time and the closing date is missed?

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Answers

3
Contract questions are best answered by attorneys. In general, As long as both Buyer and Seller still want to complete the sale, the simply extend the closing. Keep in mind that either party may incur extra costs due to the delay, including taxes, insurance, loan fees (which should be waived if your lender caused the delay), etc. The extension amendment can include an adjustment for those items. Be careful NOT to change anything that affects the loan underwriting, or a longer delay can result.

Good luck,

Doc Stephens, REALTOR
0 votes Thank Flag Link Mon Oct 15, 2012
It's usually worked out between buyer and seller and rescheduled but be careful your commitment may expire before closing, have your attorney check everything is in place and negotiate a new closing date. Your agent should be involved in this too.
0 votes Thank Flag Link Mon Oct 15, 2012
closing dates are usually flexible but there are some expiration dates you have to watch for
appraisal,
commitment,
short sale approval.
As always check with your attorney
0 votes Thank Flag Link Mon Oct 15, 2012
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