Remember if you have a buyer, and it is only a question of time, paper work or just bank delays,
you want to keep your buyer, it is easier to work with an existing buyer/contract than finding a new one and go through similar obstacles down the road.
You should discuss your options with either your real estate attorney if you involved one, which would have been a very recommendable decision, or at least with your listing agent, your Realtor, he or she should be able to give you some information and/ or advice on this ..... as they know the circumstances, the contract terms etc.
Hope this helps
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However, you have the right to know why they need another 2 weeks before agreeing to the extension. There are some lenders in my area that are taking months to close a clean deal, much longer if everything isnâ€™t in line. Nothing at all wrong with you requesting a joint meeting with the buyer and their loan officer if the claim is that it is the lenderâ€™s fault, Relators included of course.
NMLS # 6395
Financing Kentucky One Home at a Time
Yes, it started with the lender.
Then the attorney.
Then the Judge.
Then back to the attorney.
Then the insurance company.
Now the lender needs to complete another evaluation.
In the end, the buyer could walk. Then guess what,,,,the seller repeats the whole thing.
That could be the option you will be facing.
A bird in the hand.....you know the rest.
Assuming the buyer has been properly vetted you need to cooperate and do what ever it takes to make the deal work. An extension is not a big deal, although, they do cause anxiety, uncertainty and great inconvenience.
The holidays certainly can add several days or weeks to the process. Otherwise, we could be looking at second appraisals, incomplete records, or just really nitpicky underwriting. As Priscilla suggested, you should have your agent inquire about the exact issues going on. Maybe you just need to hold out for another couple of weeks or if it's looking really bad, you can start over again.
But, keep in mind that if you're looking for the top dollar on your sale, you'll most likely sell to a financed buyer and this lending delay can very easily come up again.