Yes because you should have secured your loan before bidding, most banks will not even accept an offer without a preapproval. At this point you will need to seek an extension, most banks charge a per diem of up to $100 day for not closing on time so you will want to see if you are affected by this. You ragent should be guiding you and assisting you with financing. You need to ask your loan officer what is holding up the loan, if you have been denied by 1 and keep applying with new companies, you may be at risk of losing your depoit. So please check with your agent and the loan officer to get some guidance.