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what are the chances

New Contributor

what are the chances

Of closeing August 31? The bank has approved everything and the appraisal value is good but something on the house has to be fixed and he has to come re appraise it again this week. Then they will send it to the usda office in Ohio. He will probably come out wedsday or Thursday and then hopefully they will send it Friday. I called a usda hotline and they say there current reviewing files from July 10.

I'm a first time homebuyer and this whole process has been a learning experience which is a good thing but through most of this but it just sucks cause now I'm already thinking I'm going to have to sign an extension. And from what I've read on here it could be 50, bucks aday.which is crazy but I will do it so I don't have to start over
Message 1 of 5
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Established Member

Re: what are the chances

I just went through the same thing. I had to use a Fannie Mae approved contractor though, but FHA standards were used when appraising the home. The appraisal came back contingent to repairs on June 11. The repairs were not complete until June 29 (and they were minor!) Then it had to go back to underwriting and we just made it back out. Throughout my entire process, I have had 7 extensions. (The sellers would only give 1 week at a time each time.) In my contract, I had to pay $7 for two days if I had  any extensions. (Strange, right?) But I didn't have to pay anything past day 2. Give your contract a good read to make sure because all contracts are different. Best of luck.

Message 2 of 5
New Contributor

Re: what are the chances

Thanks for the information. Geting ready to sit down right now and go over it. Guess I didnt think about the extension back when I first got started I thought 60 days would be enough time
Message 3 of 5
New Contributor

Re: what are the chances

I just don't understand why the builders office would say its complete when its not. My bank has approved everything there just now waiting for the stuff to be fixed then re appraise it again which will make it the 3rd time.


I'm a first time home buyer and I've worried through the whole process and it'd not even got to usda office yet. The bank has draged its feet and so has the sellers my file should have been sent to usda July 30.


Message 4 of 5
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Established Member

Re: what are the chances

I don't know if this will make you feel better or worse, but I've been purchasing my home with USDA since the beginning of April and I don't close until Friday. It's a looonggggg journey.

Message 5 of 5