My loan was pre-approved and approved by my lender InhouseLender.com NOT WellsFargo, later after I signed the closing doc, I found out they need to sell my loan to WellsFargo but they found out WF doesn't take flip properties that's why they had to redraw the doc to submit to GMAC.(The property I'm trying to buy is a flip) And they won't fund the loan until GMAC approves my loan..Luckily my agent never signed off on lender contingency so he says my deposit and closing cost $$ is safe but I'm not sure how long the seller will put up with this delay.I want to know at this point what the odds are where my loan file will fall through by GMAC so this escrow never closes.
I signed the closing doc 2weeks ago before Thanksgiving but my lender said that they need to sell my loan to GMAC instead of WellsFargo and now GMAC is asking for more docs and taking time to review the loan docs again. I have already wired closing cost so all my money is sitting in the escrow account over a couple of weeks and the lender won't fun the loan untile they get approved by GMAC. I am ereally worried that this deal may fall through because GMAC finds something or make issue out of my case. In the meantime, I'm running out of patience because lender had promised 30day closing in the beginning yet it's been well over 2weeks past due date. Any advice on what my options are? Thank you,