Posted on: 31st Dec, 2012 11:35 pm
My contract with the sellers expired today at noon. My loan package is almost ready to be sent to USDA. My broker assured me just this morning that "we are going to be just fine," and not to worry but I had told him that the realtor said she would get the extension contract to me yesterday or today. I've not heard a peep from her. How important is it that the contract is in place? She has said all along the sellers would extend and has known from day one from my broker that we would not close before mid Jan. Now that no contract is in place...can my loan proceed?
Hi Banner,
You may face difficulty in getting a mortgage if your contract with the seller has expired. It will be better if you could extend the contract with the seller ASAP. You should immediately get in touch with the broker in this regard and sort out the matter.
Thanks,
Jerry
You may face difficulty in getting a mortgage if your contract with the seller has expired. It will be better if you could extend the contract with the seller ASAP. You should immediately get in touch with the broker in this regard and sort out the matter.
Thanks,
Jerry
Welcome Banner,
I agree with what Jerry has said. The lender may not feel comfortable in giving you a loan if your contract with the seller has expired.
I agree with what Jerry has said. The lender may not feel comfortable in giving you a loan if your contract with the seller has expired.