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Experience with delay in closing due to government loan?
We had a contract pending on our house with an expected closing on 9/30/09. I just got a call from our agent who said that there is a delay in the closing because the buyers have a government loan and the government is just backed up right now with paperwork. Supposedly the money is approved, but the paperwork is the only hang up. We have already filed an extension on the loan we took out for this house and have until 10/15/09 to get this deal done. I'm wondering if anyone else has had recent experience with such a "delay" and if so, how long were things held up? Also is there anything we can do (threaten fees, etc) to speed up the process?
1 Answer
- David ZLv 71 decade agoFavorite Answer
you cannot make their lender hurry. in fact their lender could still deny that loan.
you can require buyer stipulate that any earnest money is non refundable as part of agreement to extend deadline or ask that they put up additional earnest deposit that is non refundable.
it is amazing how much more careful buyer will be in their date promises if they have to put their wallet behind those statements.
of course you have to be willing to start over and look for new buyer if you try that approach.
