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04-15-2009, 08:00 PM #1
Renter
- Join Date
- Jul 2008
- Posts
- 9
Bank Delayed Closing and Buyer Rights
I'm under contract to purchase a house and am still waiting to have my FHA appraisal scheduled. My loan officer said it was ordered over a week ago but an FHA appraiser has yet to pick it up. It's now 17 days into my 30 day escrow so it looks likely that the closing will have to be delayed. I've also been hearing horror stories of banks taking two or three months to close on properties. Per our purchase contract, as is the norm here in CA, we have 17 days to complete inspections/appraisals and get loan approval. We were able to get an extension on all of these until the appraisal is completed.
Assuming our closing is delayed past the 30th, and appraisals/inspections etc have all been completed at that point, if the seller cancels the contract, can he take our initial deposit, or the total amount deposited to close escrow? If he can, do we have any recourse against the bank/FHA since it wouldn't be our fault if this fails.Last edited by Jezebel; 04-15-2009 at 11:58 PM.
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04-15-2009, 11:53 PM #2
Condominium
- Join Date
- Nov 2005
- Location
- Beautiful Central Oregon
- Posts
- 189
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- 1
Check in with your lender... I have had several FHA loans close this year just a couple days after appraisal - your lender should know more about what you should expect... and be prepared for your appraisal to go to appraisal review... seems more normal for that to happen than for it not to happen right now.
Thesa Chambers
Specializing in
Central Oregon Real Estate and a Central Oregon Real Estate blog visit this blog for more information on Sunriver or Central Oregon
Principal Broker with Prudential NW Properties
La Pine, Sunriver, Three Rivers South and Bend
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