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Closing

I have been trying to close on a house since Mar.8 now there is an extension till May 15. What are the possibilties that we do not close? Why is it taking so long to close? 
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April 30 2010 - Spring Branch West
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To answer the question I would need to know who extended it?  The bank processing your mortgage?  Are you doing an FHA loan?  Buying a short sale or bank owned property?

When you say you have been trying to close since March 8, does that mean you had the accepted offer on March 8th or that was the original closing date?

If you could provide more information, I'd be glad to help you figure it out.
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April 30 2010
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I have a similar situation.  We are buying a home in Northern IL.  Our mortgage broker submitted our paperwork to the underwriter on Apr. 16th.  Today is Apr. 30th, and the broker informs us we are still "in the stack to be processed".  He believes the underwriter may not finish out financing until Friday May 7th.  That will be 16 business days!! WOW!  He claims the banks are overwhelmed all of a sudden with First-Time Home Buyer Mortgage apps.  Anyone else experiencing this?  I feel for those buyers who just signed a purchase contract today....because they will have to work fast to close in 60 days!!!!
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April 30 2010
You really need to speak with your Realtor, Loan Officer and the Title Company (or a Closing Attorney) to find out exactly what is going on with extending your Closing Date.  If you can write down here at Zillow what they all say, you can receive an answer
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April 30 2010
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We have been very proactive with all the parties involved....realtor, mortgage broker, and real-estate attorney.  We are all quite convinced that the hang-up is with the busy underwriters.  We've checked with other banks as well, they are reporting a surge in mortgage applications and can't keep up with the sudden demand.  Everything is done...home inspection, bank appraisal, secured homeowner insurance policy, plat survey, attorney review, etc. On Tuesday, we will have to ask for yet another extention of our Mortgage Contingency!

We'd feel better knowing we're not the only one's experiencing this problem!
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April 30 2010

Gracie, 

Is this a Short Sale?

It's hard to answer on here with out all the particulars.

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April 30 2010
That seems like a long time to not close. A few days past happens, but you are talking about a few months! I am assuming that the underwriting hangup is w/your lender. If that's the case, something isn't right. A surge in loans doesn't back up the system by two month! Ask to speak to your loan officer's supervisor. Someone knows what is wrong. If everything is done, you may be able to switch to a different mortgage company with little to no delay.
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April 30 2010

Who is causing this to be extended? Without knowing that we really cant give you a valuable answer.

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April 30 2010
It really depends on who is asking for the extension and the reason behind it.  Are you fully approved with the lender?  Are they still waiting for anything from you to finish your application?

There is always a chance you may not close but unless we know more details this is just speculation on all our parts.

Wish you the best of luck.
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May 01 2010
If you're the seller, you can have your agent talk with the buyers agent. It may be a financial issue on the part of the buyer. If you're the one trying to buy, then talk to your lender he should be able to tell you whats going on.
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May 21 2010

I don't know a lot of the details so everything I say is speculation.

I don't know if there is a title issue, if there is a lender's issue, if the seller wrote contingencies into the contract allowing the delay.

Your lender or realtor can give you a better explanation that anyone on this website can. The lender or realtor has all the facts. We don't.

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May 21 2010
 
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