Home Buying in Fresno>Question Details

John, Home Buyer in Fresno, CA

What happens next if my loan doesn't close escrow on time, delay after delay, is there any option to get the property?

Asked by John, Fresno, CA Wed Jul 7, 2010

It is a triplex property

Help the community by answering this question:

Answers

4
You need to get to the bottom of why your loan is not closing. If your loan officer is not being straight with you, then you need to cut bait and find someone who will and can help you negotiate more time. I have picked up many files, because another loan officer failed, for whatever reason to complete the sale. Get help and get it fast.
0 votes Thank Flag Link Fri Jun 10, 2011
John,
you aren't saying what the delays are, and whether they are your fault or not:
it makes a difference.
It sounds like you are not getting the needed council from your Realtor, nor your Title Company.
They both are in the position to know your situation and answer your questions.

I tell my clients, that once we are in Escrow, everyone has a vested interest in closing this deal. Use that to your advantage.
If you need more advice, we're here.
0 votes Thank Flag Link Fri Jun 10, 2011
good morning John,

Frank Mandujano, Loan officer with Greatland Mortgage Corp. If the loan does not close timely, you may be charged a per diem (daily charge of $100 or $50.00) if you are not able to get an extension. Also, you may be able to disregard this home and look for another.

I am sure if you can find a lender that can get you an approval in 10 days or so. If you could, then you could disregard the lender you are working with.

There may be other solutions. Find out from your loan officer and let the person know that you need to get an answer right away.
0 votes Thank Flag Link Mon Dec 6, 2010
Ask the seller for an extension and explain what is happening. Sometimes it helps to get your lender involved and find out what the hold up is. You can get your loan agent to write a letter of explanation why there is a hold up and submit that along with the request for extension. Depending on the contract you're in, there may be daily charges for any delays in closing escrow on time...talk to your agent to find out what options you have.
0 votes Thank Flag Link Wed Jul 7, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer