I'm just curious to find out from those of you who may have experienced or heard of any thing like this happening...
We signed on Friday for our sale. We had asked the title company when they think the buyers lender would fund their loan so that we can proceed with our purchase. The title officer had said that the particular lender takes 2-3 days after they receive the loan packet back from the title company to fund the loan. Knowing that we patiently waited. However last night our agent called and informed us that the lender had listed additional loan contingencies to the buyer and to be rest assured since the buyer submitted required information last night to the lender already.
I always thought that once you are requested to go in to sign papers at title, everyone would be in the clear to close and get funded. I guess that's not the case. having these contingencies means, the lender will take another day or two to review, another day to fund and another day to record. ughhhhh....
Any one else ever experienced this? what else could the lender be in search of? Our agent says there is nothing to worry about. But we have the contractor coming out to the new place today to measure the floors for new laminate and carpet ($5k job) and our sellers have cancelled the electricity today. I'm afraid to proceed since our purchase is contingent on our sale. Our buyers don't see any issues either and have already requested a move-out date from us, which can't happen until floors are in.
