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Assumable VA loan condo seller changed his mind a week before closing

We found a great deal for a condo with an assignable VA loan at 2.23% which is unheard of. We have been under contract with it for over 3 months and have done everything we needed to. We are at underwriting now and should close within a week or two. The problem is the contract stipulates the deal has to close by June 20th. Assuming a VA loan takes forever so we needed the time. We did everting as fast as possible as far as providing documentation etc to the loan officer.

So as of yesterday our realtor informed us the seller just now realized by us assuming his VA loan would mean he loses his benefits. He claims he did not know that and we are taking advantage of him not knowing and we are going to cost him tons of money if we don’t back out. He also refuses to sign an extension which is a big problem because I have a feeling we will need another few days past the 20th to close. It’s been over 3 full months and we need an extra 5 days and now he changed his mind and the deal might fall through. How could this guy not know what happens with VA assumable loans?? And the audacity for him to claim we are bad people if we go through with the deal despite him changing his mind at the last minute.

Edit: just got an email and the contract has officially been canceled. 3 months and $1200 wasted because this moron didn’t know about assuming VA loans. Just had to rant I guess

submitted by /u/ama146
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source https://www.reddit.com/r/RealEstate/comments/1dhrjwz/assumable_va_loan_condo_seller_changed_his_mind_a/
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