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