Waiting on Survey to be completed to close

[Anonymous]

We had jumped through all the lender hoops but now the sellers attorneys office has to have a new survey ordered because the seller had an old one without the home and shop on it. My question is we had an estimated closing date of 2/28 obviously that won't happen because the survey company won't even be able to do the survey until 3/9. We have a rate lock until 3/13. Should we start worrying now about our rate lock? Our loan officer said we would not have to go back through underwriting again when I asked.  He told us we were go to go on our end just waiting on that survey. What kind of a closing timeline are we looking at now? I can't get anyone to really answer anything! Also has anyone had any problems with Gateway mortgage? Thanks in advance for your help!

[Mortgage-Specialist]

The rate lock is a non issue since the rates have gone down since it was locked (been declining past couple weeks) Its surprising that the survey  came up this late in the process. The rate lock extension might be free but if its not, you might want to demand a free extension.

Only your lender can tell you how long it will take once survey is back but if thats the only thing preventing closing, Id like to assume the underwriter would clear that condition immediaty after it cones back. None of us can really speak for that lenders practices so I would try to get that ingo from your LO. 

[Anonymous]

Thank you. The seller told her real estate attorney that she had a current survey for the property. Unfortunately she was wrong and has slowed down our closing. We are beyond irritated at the seller and her attorney both for not making sure they had their info together on their end.