Buying Home - Missed Date for Mortgage Commitment Due to Repairs

9 years ago

Appraisal came back saying home needed repairs (new roof). Haven't been able to come to agreement with Seller on how to go about getting repair done.

Date for mortgage commitment is 9/26. So, it seems like the seller has an out now.

My plan is to move forward with a rehab mortgage - 203(k).

Do I need to write up a new offer with new dates and get them to sign? Have some sort of addendum done? Or, do nothing at all because it doesn't matter and the seller can always get out of the deal if they want?

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Comments (4)

ken_adrian Adrian MI cold Z5
9 years ago
there is no deal.. if you failed to get your mortgage...

unless you left out some pertinent details ...

you need a real estate agent.. or a real estate attorney ...

ken
JeremyDL
Original Author
9 years ago
No, I didn't leave out any details. This is partially my fault as I just caught that date creeping up. The tight timing of it has to do with two weeks worth of counter offers and we never changed the commitment date when we finally came to an agreement.
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pixie_lou
9 years ago
You should sign an addendum with an extension. Both parties need to sign. Either party can refuse to sign.

Is there a reason you think the seller would not agree to an extension?
JeremyDL
Original Author
9 years ago
Maybe just a bit paranoid and the fact that we're dealing with finicky sellers (3 siblings).

We had a seller walk away a few weeks from closing a few months ago. Makes me paranoid :)

My agents and attorney responded similarly: As of midnight, we don't technically have a contract. We will write up an addendum on Monday and it shouldn't be an issue as long as the seller is reasonable.