Asked by Suzanne, Massachusetts • Sat Oct 9, 2010
We have a buyer for our home who is attempting to obtain an FHA 3% down mortgage. After several weeks of stating that they had submitted all their info to the mortgage company, the appraisal was finally conducted 3 business days prior to the mortgage commitment due date on the purchase and sale. The due date came and went with no commitment letter, not surprisingly. Buyer requested an extension for the end of that week. On the 2nd due date, the mortgage company still did not deliver the commitment letter, for reasons unknown, so the buyer went to a local bank and somehow quickly managed to obtain a "commitment letter" with an hour to spare before the extension date expired. We reviewed this letter and it has over 12 conditions still to be met by the buyer, including an appraisal to be conducted, since this is a different lender now. We have far too much riding on the sale of this house to continue playing games with this buyer and would prefer to cancel this contract. Can we?
Real Estate in Raynham
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