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contingency removal

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Our agent told us that our loan to buy a house has been approved, but the lender can't lock in the interest rate bacause they still need a few papers from us to prove that we are paying our Property tax for other properties. The agent now wants us to sign the Appraisal and Loan Contingency removal, what would happen if we don't like the rate that their giving us after signing the Contingency Removal?

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July 02 - US

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Daina Burness, "burbankhomes"
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Daina Burness, "burbankhomes"

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Ask your agent to ask for a small extension. This happens all the time. Until you have the go ahead from your lender to remove both the appraisal and loan contingencies, I would not as you can lose you deposit. At a minimum, if the appraisal came in at value, you could sign off on appraisal and not on the loan. Still ask for the extension.

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July 08

tanti415
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tanti415

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All the papers are in but we have to wait for Monday to find out from the lender, because it's a Holiday tomorrow, I'm just worried and want to know if this is usually how the process goes?

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July 02

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Their is often language in the finance contingency that states if the buyer is unable to obtain financing at X% interest rate the deal is off. You would need to see what was filled in for the X% amount. Obviously if you sign the finance contingency that portion of the contract is waived.

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July 02

jkonstant
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jkonstant

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Check your contract. Many boilerplate state contracts include a place for interest rate in the financing section.

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July 02

wetdawgs
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wetdawgs

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You have put yourself in a difficult position. As the loan has been approved, the agent is correct in this request. Apparently you didn't have a contingency for "loan approved AND the buyer is happy with the rates".

Apparently the loan company thinks that you are eligible even if there are minor shifts in the rates.

Get those papers all in today so you can lock your rates sooner rather than later.

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July 02

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Question How do you determine fair market value of a fix up home where the interior is gone except framing?

Question Is Buyer's Agent Commission Rebate Taxable to Buyer?

Question why is the newly-announced $6500 tax credit only for people that have owned their home 5 of 8 years?

Question What happens when the bank appraisal comes in below the negotiated price?

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