What happens when the seller can't get all the paperwork/signatures needed to buy a house before our locked in interest rate expire? (life

Asked by Searching in SC, Seneca, SC Mon Feb 13, 2012

estate) Life estate owner is living, not living in the house. And the owners still need some other signatures and/or paperwork from the living estate owner's deceased spouse in another state.

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Jason Queen, Agent, Seneca, SC
Sun Feb 19, 2012
You may not be in bad shape. I got call on Thursday or Friday from one of my lenders that he just got another rate drop. If this is true with your lender you may actually come out better. Good Luck!
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Feb 14, 2012
Interest rates have for the most part stayed the same or improved over the last month. I would not sweat it, talk to your lender first. Next, go to the seller and get an extension on the purchase contract. If you need to transfer to another lender it will take time to get processed and underwritten.
0 votes
Sasha Farmer, Agent, Charlottesville, VA
Tue Feb 14, 2012
Typically, once your rate expires, you are out of luck on that end of things. If it is the fault of the seller, you may be able to negotiate some form of credit back to you, but I know that in Virginia, that is not part of our standard sales contract, so would require some additional language to be added and then agreed upon.

Has your rate expired already? If not, why not discuss with the lender buying an extension on the rate lock? Once you know the costs involved, talk to your Realtor to see if there is any likelihood that you will be able to get help with them or reimbursement from the seller. It's worth a try, although probably not very likely. How long have you had a ratified contract?
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