My Contract is about to expire and Loan still in Underwriting, NEED HELP

[Alonso]

Hi,

My contract will expire in a day and the Underwriter requested documents about 5 days ago which I sent the same day but could not put a rush because my loan processor mentioned the loan was still in " suspense status" and have not heard anything yet. What will happen when my contract expires, how likely will the seller walk away? I really need help regarding this on what to expect next, I'm just frustrated with WF and the loan process they have.

Thank You

[Evan Bedard]

Hi,

My contract will expire in a day and the Underwriter requested documents about 5 days ago which I sent the same day but could not put a rush because my loan processor mentioned the loan was still in " suspense status" and have not heard anything yet. What will happen when my contract expires, how likely will the seller walk away? I really need help regarding this on what to expect next, I'm just frustrated with WF and the loan process they have.

Thank You

Hello Alonso,

What type of contract are you referring to here?

[Alonso]

Evan, I'm referring to my Contract (offer) with the seller, we have the closing date for 02/17/12 which is tomorrow and will expire. I just wanted to know if sellers usually walk away from the deal once the contract expires and buyer ( me) is unable to get the loan by the closing date or will they extend the contract for a few more days until I get a definite answer from the bank. Thank You

[Evan Bedard]

Evan, I'm referring to my Contract (offer) with the seller, we have the closing date for 02/17/12 which is tomorrow and will expire. I just wanted to know if sellers usually walk away from the deal once the contract expires and buyer ( me) is unable to get the loan by the closing date or will they extend the contract for a few more days until I get a definite answer from the bank. Thank You

Oh ok, are you attempting to purchase a property where the homeowner is trying to short sale?

[Alonso]

Its not a short sale or foreclosure, I think the owner is an investor.

[RyanJP]

Evan, I'm referring to my Contract (offer) with the seller, we have the closing date for 02/17/12 which is tomorrow and will expire. I just wanted to know if sellers usually walk away from the deal once the contract expires and buyer ( me) is unable to get the loan by the closing date or will they extend the contract for a few more days until I get a definite answer from the bank. Thank You

It really depends on the seller. If you ask, they very well may agree to push the closing date off.

However, there's a chance that they will feel safer by putting the house back on the market for all offers to be considered. If it really is a nameless investor that you are dealing with, there is a good chance this is what will happen.

Did you attach any contingencies to your ernest money (such as "contingent on receiving a loan approval")? If you didn't and the seller DOES decide to walk away, they would have the technical right to keep that money, I think.