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Contract Extension

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Regular Contributor

Contract Extension

How common is it to ask for a contract extension? Does anyone know how to go about this? Or how often does a seller deny such a request?

Message 1 of 4
3 REPLIES 3
Community Leader
Super Contributor

Re: Contract Extension

It depends on what the reason you are asking for the extension.  If it's because you haven't even applied for your mortgage financing yet - not very likely the seller is going to want to deal with you anymore and will just let the contract expire or you to back out of it.  If it's because you need 2 more days to fund your loan, or there is a repair being done by the seller which hasn't been completed yet, then I don't see why a seller wouldn't agree to extend it.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 4
Regular Contributor

Re: Contract Extension

We need to switch lenders because our initial lender isn't working in our best interests. Appraisal and inspection are done. New lender says he can get it done in about 2 weeks but would like for us to request an extension of a few days because he needs to get the FHA case number and appraisal from Chase.

How do I explain this to the seller? I've been quick when it comes to handing in paperwork and required items. I have provided all they wanted in a timely fashion. What can I do?

Message 3 of 4
Community Leader
Super Contributor

Re: Contract Extension

Well you may have to elaborate more to the seller about Chase not working in your best interest, certainly to your own real estate agent as I'm sure they'll want to know what the whole reason you are switching lenders just a couple weeks shy of closing.  What has your real estate agent said about all of this?  You may be better off just asking for an extension if you actually need it rather than 2 weeks ahead of time.  Why ask for a 3 day extension now if you may need 4, or may not need none at all?

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 4 of 4
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