Asked by Karmann, Crystal Lake, IL • Mon May 31, 2010
We've been under contract for a month, and had planned to use conventional financing. Because we're in a distressed area, we're thinking our loan officer is having trouble securing the loan on the terms we agreed to and will want a greater down payment that we don't have (he hasn't said this, but something is causing the delay). We were supposed to close last week, and had to get a two-week extension. Now we're thinking the lender might want us to go FHA instead, which will obviously cause an even greater delay. If you were representing the sellers in this situation, would you advise them to grant another extension? Would concessions on our part (removing the 2% seller contribution, for instance) make you more likely to agree to the extension? The house has been on the market for a year, and our offer was 98% of the appraisal, if that makes a difference.
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!