Skip to main content

Closing delayed due to USDA loan

My husband and I are under contract to sell our house. Buyer is getting a USDA loan. We were told that paperwork was submitted to underwriting in the beginning of August and it’s usually a 2-3 day turnaround time. Well due to you know what, the underwriting process still isn’t done. Closing was supposed to be last Friday and that obviously didn’t happen. It was delayed until this Monday, which isn’t happening either. Nobody is able to give us any idea how long of a delay it will- be days, weeks, months... We still don’t even have a commitment letter. Our realtor has been in touch with the buyers realtor and lender and has been assured that the buyer is very interested and that he’s going to get approved, we just don’t know how backed up the USDA is. Our realtor has told us we have an option to terminate the deal.

Anybody dealing with a similar issue? Anything we can do? This is causing a massive financial strain on us because as of September 1, we are paying two mortgages in addition to two sets of bills and have had many unexpected repairs to our new home. The first buyers for our home backed out and now this... We don’t want to terminate a deal at this stage, but if it’s going to be delayed for a very long time, we may have to reconsider! We just want a commitment letter and an official closing date!

submitted by /u/wonderlust7726
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ij6i88/closing_delayed_due_to_usda_loan/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more