The contract is not expired, just the date we have to give written notice to the seller whether we're able to obtain financing and obtain the full amount of our earnest money. We already extended this date once while waiting on the underwriting.
My LO called me and stated because we're using a Bond program for the downpayment our file is subject to additional scrutiny, hence the additional time it is taking. He stated that he saw no red flags and everything looks good from his end and is expecting final approval Monday, which would be nice reassurance if I hadn't already heard this story.
So we've signed another addendum to the contract extending our financing approval. Hopefully the sellers are motivated to sign as they've been taking back up offers and from what I understand they're underwater on this deal. I wish my LO would escalate this and get it DONE.
Update: Last week on the last day of the contract extension my loan officer called me and told me he had conditional approval provided I get him a copy of the cancelled gift check which I immediately sent over.
Now we have our final walkthrough scheduled and closing scheduling for 10am this Thursday. Today someone representing our financer called to verify my private student loans were in repayment and are current, which I presume to be standard procedure.
Have all the utilities ready to be transferred, now just waiting on the HUD-1 statement and hoping nothing new crops up and the amount we bring to closing will be within the $700-$750 range my LO quoted me.
So! After moving the contract date several times we finally arrived at closing day, only to be called by our realtor as we're pulling into the title company's parking lot and informed that the seller does not have the money they need to bring to close.
We go through and sign all the documents anyway so if things get ugly the seller essentially has no recourse to say we didn't hold up our end of the contract. Had to cancel the moving van, our utilities are set to be turned off at the end of next week.
The seller's were supposed to come to close with 18K which I understand is a significant sum, however they've signed off on the contract knowing this and their realtor surely informed them of what their closing costs would be. Now we're playing the hurry up and wait game. Meanwhile all the utilities at the new address are now in our name along with our mail being forwarded. Their own realtor now can't get them to answer the phone or return their calls. Ugh.
Unbelievable! What a nightmare!