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Knowledge Base->Mortgage Lender->Extend closing date

      It is not uncommon that you have to extend closing date during home purchases due to various reasons: Mortgage could not be done, seller asked or some unexpected circumstances. This may upset you and give you extra work to do. But the reality is: we need face the difficulty and try our best to find a better way to handle these unexpected events.extendclosingdate.jpg
      The following suggestions may help you better with this problem:
  1. If it is a mortgage problem, you need request a letter from your lender explaining your circumstances and submit it with a letter to the selling agent (or seller) requesting special consideration because of "circumstances beyond your control".
  2. If it is a seller problem, he/she may ask you to lease back home. If you do lease back, you need calculate carefully in order to cover your mortgages interest, insurance and related fees.
  3. If it is NOT a mortgage problem and a seller problem, you need read your purchase and sale agreement carefully to find out what needs to be done to extend contract. Most are written that you will be charged for any day over and including the day that you close. Talk with your mortgage lender ASAP and negotiate with him/her.


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