Do I have enough time?

[In-A-Limbo]

Seller wants us secured the loan within 20 days after signing the contract. We told her now way. We need at least 30 days. Contract now said that I must secure the finance by April 19. My LO was on vacation and didn't submit my FHA application until yesterday. Now we have to wait roughly 2 weeks for the loan approval before he will order the FHA assesment. I have a feeling that this might not be done by April 19. I'm so nervous.

I don't even know why she would only give us till April 19 when she's not willing to close till May 10.

[Autumnslight]

It sounds like the seller might be buying a new house, contingent on selling her old house. Normally for the seller to get approval in that case, they have to show that the person purchasing their old house (you) has their financing in place. Then they can move forward with getting ready to close and hopefully move in to their new house. That would explain the almost one month time frame between needing your loan approval and actual closing. It's a big long chain of events and such a hassle with all of the timing. It's so much easier to buy a house when you're renting, versus having to sell and buy. :/

[In-A-Limbo]

I see what you are saying. But I still think that 20 days to secure an FHA loan is very unreasonable. And the seller is fully aware that we are using FHA loan. Even my attorney said that this is ridiculous and he wouldn't sign off on it.

We're trying our best to meet the dateline but I'm scare that she might cancel the contract if we can't meet th dateline.

[cclee]

Are you saying that you can't get conditional approval for 2 weeks?  Why so long?  I submitted an FHA app and had conditional approval in 2 days and a lot of people on here get it a lot quicker than 2 weeks.  Also, are they wanting you to close in 20 days?  Or just have secured approval in 20 days?  Seems pretty tight, most resales are 30 days.

[In-A-Limbo]

Hi cclee,

Just secure the approval. The seller doesn't want to close until May 10 but want us to secure the loan April 9. My attorney sent out a letter to her attorney for a 10 days extention. But they haven't accept it yet.

[cclee]

Have you talked to any other brokers/lenders?  Seems like a pretty long time just to get an approval.  

[In-A-Limbo]

Talked to my agent. He will talk to the seller's agent. I don't mind her prefer closing date, just need more time to secure our loan if needed.

[In-A-Limbo]

Errr.... this is like adding salt to the injury. LO sent FHA disclosure form to my agent so that he can have the seller and her agent sign it. Well he didn't. He sent it to my husband to ask me to sign it. #1, I already sign it. #2, why not send it to my email account cuz my husband name is not on the loan and doesn't check his email daily like me. He probably didn't even bother open the document to see that I also signed the form. I'm so annoyed by this agent. He didn't even bother telling me that I only have 20 days to obtain the loan..... and now this. He's a close friend of my husband but I can't stand him. If we lose this house he's so fired.

[foofighter74]

Express your frustration to your agent.  Let him know if he continues to make mistakes, you'll find someone else.  No reason to wait until a potential deal could fall through from incompetence.

[In-A-Limbo]

My husband gave him an earful today.