So we havent' gotten our mortgage approved yet...but our contract ends on Friday......I called and left a message for the mortgage broker to see if he has any idea when the mortgage would be approved...and i haven't heard back from him... i know we can get an extension, but i'm starting to get a little worried..... did this ever happen to anyone? should i be worried, or is it pretty common? thanks!!!
palebride
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no one knows????
Charly
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What do you mean by your contract ends on Friday. You legally have 30 days after the date of the contract to close...did you use up your 30 days? If the other party has no issue with an extension - you should be fine, but technically they have the right to withdraw - I'm not sure if there are anypenalities or fees.
Sorry...
palebride
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i forget the date that we went to contract - but i think it lasted for 45 days....and those are up as of friday. i dont' thikn the other party would have any problem with an extension...we definitely want the place and she definitely needs to move, so i doubt she'd want to have to wait another 3 months or so to find another buyer...... it just all makes me nervous because it's just the timing that's messing everything up!
Charly
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My only advice is to call your lawyer tomorrow and see what she recommends.
palebride
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when i spoke to my lawyer today he said to get in touch with the mortgage company and see how close the mortgage is. if it's not close - he'll put in for an extension..... i guess i'll try the mortgage broker tomorrow again....and again and again and again!!
thank you so much!
peabody
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Shouldn't your lawyer be handling this issue?
He/She in my opinion should be doing the leg work for you.
AtticaQT
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You should definitley get in touch wiht your attorney and tell him about the situation (it may be possible that he has overlooked it) - Extensions are granted all the time but the seller needs to agree to it.
ETA: Ok - i didnt read your response - still get on your lawyers back about it. Stay on the safe side - bug him enough and he'll get the extension - you will want to be safe bec if the contract expires the seller is no longer bound to the contract.
HappyEverAfter
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We had to get an extention on our contract, as it took our mortgage a while to close since DH owns his own buisness. Our realtor and lawyer dealt with the details, the seller had no problems w. it and we had to sign a new extention agreement. I would ask your realtor and make sure she is discussing the possible extention w. the selling agent.
palebride
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we're going to have to get the extension on the contract because the mortgage isn't done yet and won't be by the end of this week.....
I guess I'll talk to the realtor and let her know what's going on with everything. I would move in tomorrow if i could....but the darn mortgage is holding everything up!!!
