Purchase agreement mistake? Can I fix it?
We received 2 offers within 3 weeks of listing on March 1. There were many showings. We accepted the second offer last week. The buyer is seeking an FHA loan and has already conducted the inspection.
Unthinkingly, we accepted an offer that gave the buyer 45 days from date of signing to secure his loan. Now, during a hot selling time, we sit on our hands. My house is still on the web and the sign is still up. To any casual observer it is getting stale, rejected, and undesireable. Yet it was hot when we accepted the offer last week. I'm sure there would have been more offers coming. The house is in a family sub with 2 excellent schools and it has 4 bedrooms -- our buyer is someone who will want to get his kids into those beds and schools well before the first day of class.
I don't know anything about getting an FHA loan -- where the pitfalls or milestones are -- so I don't know exactly what to ask. I asked the realtor when the appraisal would be, and I asked him if he could get progress reports on the buyer's efforts to secure financing. He said the appraisal might be tomorrow, but I don't think it will be. He said he phoned the loan office in response to my question, and that his impression of the loan officer was "excellent". Neither a fuzzy appraisal date nor the sterling friendliness of the loan officer addesses my real concern. I need to pin down specific questions so I can learn what chance this thing has of going forward-- what would those be?
I want to know whether this thing is moving, and if not, why not, and to reduce the time my home is in contingent status.