Home Buying in Seattle>Question Details

Dmitri, Home Buyer in Pensacola, FL

Our mortgage company could not close on time. Re-scheduled closing for next week. Do we have a problem? This is REO FNME purchase

Asked by Dmitri, Pensacola, FL Sat Dec 22, 2012

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I am sure this is a very stressful time for you, the key is will you be closing next week? Usually FNME will extend a closing one time w/o a per diem penalty. If you need to extend again they will charge you a daily fee. So if you have to extend closing, make sure you give yourself plenty of time!
0 votes Thank Flag Link Wed Dec 26, 2012
Chances are you'll be fine. The escrow company won't close without a signed extension, but there is no logical reason for the bank to withhold this from you. If I were to predict, you will close but it may be even later than you project, as banks can be slow to move.
Have your broker prepare and get your signatures on the extension right away and get it off to your bank.
0 votes Thank Flag Link Sat Dec 22, 2012
Yes, we already signed and sent the extension to FNME for their signature two days ago. We have a verbal commitment from their asset manager at this time, just waiting on the actual signature
Flag Sat Dec 22, 2012
Fannie Mae will grant extensions as long as you have a good reason and your lender is usually a good reason. As Chris already said, make sure that you get an extension signed by you and Fannie Mae with the new anticipated closing date.
0 votes Thank Flag Link Sat Dec 22, 2012
It takes Fannie Mae a long time to respond. If we do not have a signed extension letter by 12/26, can we still close without it? I have a verbal confirmation from the asset manager at FNME that they will sign it, we just do not know when.
Flag Sat Dec 22, 2012
As long as the seller agrees and your lender can still close then you should be okay. Be sure to get an extension in writing from the seller otherwise they could sell to another buyer.
0 votes Thank Flag Link Sat Dec 22, 2012
This is the problem - the seller is Fannie Mae and they are very slow to respond. The lender is ready to close on 12/26. I have a feeling we will not have a signed Extension from them by that time. Can we still close without it?
Flag Sat Dec 22, 2012
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